Great deal - call us today!!!!! 3.5% closing costs paid if Fannie Mae Homepath property.
LAS VEGAS -- One of the biggest complaints
homebuyers have had about the real estate market is they can't compete
with investors who are buying up property with cash. But now, ordinary
buyers have a chance to finally close the deal without the fear of
investors beating them out.
It's a special program by Fannie Mae only being offered in 27 states,
including Nevada. A homebuyer can get 3.5 percent off toward the
closing costs and no investors are allowed to bid on the home.
Carly Smith, a first time buyer, has been house hunting.
"I had my eye on the market for the last year," she said.
"If I saw something I really liked, I was going to go for it," she said.
Homebuyers like Smith are looking at all their options for an
affordable home. Now, for a limited time, they have another option.
Fannie Mae is offering deals on its foreclosures.
"This is a great bonus for a buyer who's looking for a property
because they're basically giving away free money,
Interested homebuyers can go to Fannie Mae's HomePath.com
and search for Las Vegas properties. If a property is in the program,
it will have a yellow logo showing that up to 3.5 percent closing cost
assistance is available. During a special 20-day period, people who are
buying a house in can submit offers. Investors are not allowed to submit
a bid until after the time period has passed.
"Because what happens a lot of times, we've seen in the past, we have
investors that come in and overpay. Let's say the property is listed at
$150,000. They'll pay $10,000 or $20,000 more for the property, and
they'll pay cash," said Noah Herrera, president-elect of the Greater Las
Vegas Association of Realtors.
The initial offer on a Fannie Mae foreclosure has to be submitted by
March 31. Closing must take place on or before May 31. Fannie Mae says
the incentive will offer qualified buyers up to 3.5 percent of the final
sales price to pay closing costs.
"The 3.5 percent could go toward your closing costs, you can buy down
your interest rate, your prepaid taxes, all sorts of things like that,"
Smith had already found her new home before the Fannie Mae special and she was surprised the experience wasn't a headache.
"I really have ran into no difficulties. So I feel very fortunate," she said.
Author:Ivy Beller Phone: 702-526-2298 Dated: February 26th 2014 Views: 1,393 About Ivy: Over 14 years experience in residential sales, land, multifamily and commercial. I am currently the...
About Keller Williams Marketplace - Brenkus Realty Network
Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 4,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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