February Buyer's Tip-Explore FannieMae's Homepath

Ok Rebels, remember this rule about government agencies and those that are ESSENTIALLY government agencies: Not ONLY should we look a gift horse in the mouth, we should also double check that all four hooves are present and the animal is actually breathing. And I put FannieMae squarely into the "Essentially Government" category.

That being said, I have been happy to see that the organization is at least doing some interesting things to move houses off the market and into the hands of owners who will take care of them, thus re-filling many of the neighborhoods where FannieMae (FM) funded homes that are in foreclosure.

One of my readers recently tipped me off to Homepath.com, the website where properties that have been foreclosed on by FM can be found. The site also lists some interesting incentives that the FM is putting forward, such as a rebate of up to 3.5% of the cost of a home given back to the new buyer or credited toward the purchase of new appliances. Check the website for the fine print-more on that later.

Also, the site has a very user-friendly interface for finding prices/locations of properties for sale from their REO inventory.

Why am I recommending that people take a look at it? After all, it's possible that people may consider Homepath.com a competitor of us Real Estate Rebels. Nope. These homes have already been foreclosed on, and we work on Bay Area Short Sales, trying to work with homeowner BEFORE foreclosure happens. It's in everybody's best interests for neighborhoods to avoid empty houses, decaying lawns, and that odd ghost-town feeling that some blocks in areas get at times like this when too many properties have "REO" signs out front.

So I'm all for programs like this. JUST REMEMBER TO READ THE FINE PRINT! Also, specific lenders may have their own requirements when lending on these properties, so check out every option before you sign anything. Ever.

But it's nice to know that at least somebody's coming up with some clever ideas (besides us Rebels, of course) to get vacant homes filled and neighborhoods populated again.

So, if you're in the market for a home, you could do worse than check the site out and see if something there might work for you.

Have Fun!
-Larry