Buy a House Fast

While investors are an important part of the housing picture, opening up home ownership to American families is the avowed intent of most Federal programs.  In the current environment, bank owned homes that are priced right to appeal to families are often the target of investors, who use their greater experience and greater pool of funds to outbid home owners.  This takes many homes out of the grasp of owner-occupants who tend to stabilize the neighborhoods.  Some investors buy homes to hold onto until the price increases, while buyers who live in the homes have a greater stake in maintaining them.

As a result of a new program unveiled in August by Fannie Mae (FNMA) in certain areas, individual home buyers, public entitles, non-profits, and certain for-profit entities that use public funds have the first option to look at and purchase FNMA properties during the first 15 days a property is on the market.  Offers from investors will be considered only after the first 15 days have passed.  After successful trials in Arizona, Minneapolis, and Florida, the program went public on November 24.

Some buyers who use Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds may also qualify for the following benefits:

In addition to First Look, buyers using NSP funds also gain a few other benefits:

• Deposit Waivers -Individual home buyers who have qualified for public funds  through NSP and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement. Fannie Mae will now waive the earnest money/deposit requirement for public agencies who use public funds to purchase a Fannie Mae-owned property.    Deposits for these buyers can be as low as $500.
• Reserved Contract Period – Once seller receive an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
• Extra Time for Closing – Buyers receive up to 45 days to close — 15 days more than waht is usually allowed for purchases of Fannie Mae-owned properties.

See the Fannie Mae press release for more details.

This program provides prospective home owners with a clear shot to buy a foreclosed home, especially those who have been cleaning up their credit, saving their money, and positioning themselves to buy.  If you are interested in this program, Express Realty Services can help you find a qualifying property.  Aside from our foreclosure listings, we have a special stock of renovated, refurbished, or remodeled homes from our sister company Express Homebuyers.  Check out the many affordable home values we have to offer.