A few weeks ago, Fannie Mae announced their new incentives for HomePath properties. In case you are not familiar with the offer, Fannie Mae is offering up to 3.5 percent of sales price to qualified home buyers to put toward the closing costs. For a home of $200,000, that is up to $7,000.
Time is Running Out: Deadlines are quickly approaching!
Offers must close by December 31, 2010, and must close within 60 days after offer has been accepted. It will be difficult to meet the requirements if the offer is not accepted by November 15th. Believe it or not, we are already halfway through October! So if you are planning to take advantage of this offer, you better hurry.
There is a wide variety of HomePath homes in Colorado
There are currently 1,552 homes listed as a HomePath home in Colorado. Price ranges from just over $2,000,000 to just under $20,000. They include single family, condominiums and townhouses. There are homes available all over Colorado, including Denver, Fort Collins, Aurora, Pueblo and Colorado Springs.
More than 87,000 families have purchased a HomePath home this year, which is almost twice as many as they sold last year in total, according to Fannie Mae.
What is a HomePath home?
Remember, a HomePath home is a home that is owned by Fannie Mae, usually because the owners foreclosed. These properties are sold on an “as is” basis, so it is important to be properly represented, have a thorough home inspection, and be prepared for repairs.
Also, there is a “real estate purchase addendum” for all Fannie Mae properties. They recommend that you review this document with a real estate professional because, well, it’s complicated.
Interested? Get started today.
As mentioned earlier this week, one of our exclusive buyer’s agents just closed on a Fannie Mae home for one of her clients.
If this opportunity is interesting you, fill in our Find an Agent form. This type of home purchase can have huge financial savings, but typically take longer than a traditional home purchase, so time is of the essence.