Purchasing a Fannie Mae house lets you get a great deal. Fannie Mae is a government-sponsored agency and buying a house from it takes you to a different home buying process. You must work with an experienced real estate agent or realtor who has handled the document request and requirements of the agency before.
Fannie Mae established the HomePath program during and after the 2008 foreclosure crisis. It manages houses that have come back to the agency through foreclosure. The agency makes offers to homes through licensed real estate agents. Thus, you don’t deal directly with the agency. If you are considering buying one of the fannie mae bank owned properties available,
here is everything you must know:
Benefits of Buying a Fannie Mae Home?
The agency cleans, updates, and makes cosmetic improvements to homes under the HomePath program as necessary. This means that you will be buying a home that is in good shape. Fannie Mae tries to price the homes at fair market value. While you may not get a great deal, you could end up with a home at a discount in terms of price and closing costs. The agency wants every possible buyer to know what they are getting into. This is the reason it requires buyers to complete its online homeownership training class by offering to pay up to 3 percent of closing costs. The class lets you learn about homeownership and maintenance.
How to Buy a HomePath Home?
Fannie Mae uses local real estate agents in their network to market their properties. However, you will realize the difference when you make an offer. All HomePath offers are listed and accepted online to increase transparency. There is a 20-day window you can use to place a bid and increase your odds of purchasing your dream house. Also, you can choose to increase your offer to beat a higher bid. You can sweeten your offer if you get pre-approved for a mortgage before you apply. Fannie Mae wants to sell their properties to prevent future foreclosures.
Although preparing the offer will be similar, your agent might suggest the inclusion of a letter about the way you plan to live in the house to increase your chances. Make sure to have a real estate professional on your side so you can go through the process smoothly. Choose a real estate agent who handles Fannie Mae properties. They will help you move into your dream house.