Banks and other such institutions are the most highly motivated sellers you'll find in today's real estate market. For a number of reasons, they don't want foreclosed properties on their books and will typically price them aggressively in order to attract a buyer as quickly as possible. (Short sales are another story, but I'll get in to that in a later post).
But apparently Fannie Mae feels that low prices aren't enough; it is sweetening the pie even more by offering to pay up to 3.5% in closing cost assistance as an incentive to buy one of the houses it has foreclosed on! And part of the money can even be put towards the purchase of a home warranty!
A quick search of the MLS shows at least 26 Fannie Mae foreclosures listed for sale. And many are in desirable neighborhoods like Northwest Crossing, The Parks at Broken Top and Woodside Ranch!
Keep in mind that many Fannie Mae-owned properties are already priced very aggressively. Throw in another 3.5% towards closing costs (that's $7000 on a $200,000 house), and there are some absolute steals out there!
But like all good things, this program is scheduled to come to an end. And soon. The sale must close within 60 days of offer acceptance and not later than December 31.
If you're even a bit curious about seeing just how nice a house you can buy in today's market, call me. I'd be happy to show you some of the fantastic deals available from Fannie Mae and others!
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