Fannie Mae Foreclosures in Las Vegas
HomePath listings are properties that were foreclosed upon and are now owned by Fannie Mae. Fannie Mae (a federally chartered corporation that purchases mortgages) has thousands of properties in it database, and is known for pricing those listings VERY competitively to sell quickly. Fannie Mae properties typically sell for 10% to 15% less than comparable properties.
Fannie Mae may also offer special HomePath financing with less strict guidelines than traditional Las Vegas mortgages. Whether or not a property is eligible for HomePath financing is determined on a case by case basis and will be listed on their web site. There are a limited number of Las Vegas mortgage lenders who are authorized HomePath brokers, and the two main benefits to getting a Home Path Loan are: no required appraisal and no required condo certification. This really helps in many of the condo communities where traditional financing is not available at all.
Fannie Mae Guidelines in Las Vegas
Fannie Mae listings are not quite like other Las Vegas foreclosures. They have certain guidelines that must be followed in order to purchase. When new Fannie Mae foreclosures come on the market, there is a 30 day mandatory "First Look" period. During this time frame Fannie Mae will ONLY accept offers from buyers who are purchasing the property as their primary residence. Offers from investors will only be considered after the 30 day "First Look" time period has expired with no acceptable offers from owner occupants.
Fannie Mae will also require a lender pre-approval or proof of funds to pay cash to be submitted with any offer. They will not consider any contingencies on the sale of another property. And while Fannie Mae may make some repairs to properties to increase their marketability, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Though the buyer will have a due diligence period to inspect the property for major defects, Fannie Mae is not responsible for fixing any problems after a closing.
It can be frustrating for investors to wait out the 30 day mandatory "First Look" period, but there are many terrific Las Vegas homes and condos that slip through the cracks or fall out of escrow. Primary homebuyers (owner occupants) should definitely be targeting Fannie Mae foreclosures as some of the best deals on the market.
Fannie Mae releases new properties daily, including homes that are "coming soon" on their inventory. To receive listings on new Fannie Mae properties, please fill out the short form below. We look forward to helping you find the perfect property!
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