A “foreclosed home” doesn’t always mean the house is in disrepair. In order to entice more owner occupant buyers, banks are spending money to spruce up foreclosed homes. This is a benefit for everyone…the neighborhood, the potential buyer AND the banks. This helps foreclosed homes sell faster and allows traditional home buyers to secure a loan, when otherwise they would have trouble getting a loan for a house being uninhabitable because of the repairs it needs. Not so good news for traditional home sellers as this creates more competition.
Owner occupant’s can also benefit from Fannie Mae’s “first look” program. Fannie Mae will only consider offers from owner-occupants or buyers like nonprofits during the first 15 days a home is on the market. Fantastic way for owner occupants to get a great deal without all their money going to repairs!!
Source…”Banks Spruce up Foreclosures to Boost Sales”, by Mary Ellen Podmolik, RISMedia Online
Chicago Tribune, Distributed by McClatchy-Tribune Information Services