Move-in ready foreclosures?
There is a certain stigma associated with banked-owned properties, foreclosures and REO (Real Estate Owned) homes. Most of them have been neglected, are in less than desirable condition and are sold “as is”. Anybody who wants to buy a foreclosure knows that some work will be needed in order to make it move-in ready. That is not the case with most Fannie Foreclosures. If you are looking to purchase a foreclosure in the Charlotte region, you owe it to yourself to take look at Fannie Mae foreclosed homes. Fannie Mae markets and sells its inventory of REO properties across the nation under its brand name HomePath®.
Home buyers are often pleasantly surprised when viewing Fannie Mae foreclosures – fresh paint, new carpets, new appliances, new fixtures…what a refreshing change from other foreclosures and REOs listed for sale in the Charlotte real estate market! Fannie Mae goes to extreme lengths to revamp its properties. From the curb, you could not tell apart a Fannie Mae foreclosure from other inhabited homes in the neighborhood. Fannie Mae’s goal is to sell its properties in a timely manner in order to minimize the impact on neighborhoods. The average $5,700 Fannie Mae spends on each of its properties for repairs and improvements goes a long way. Fannie Mae has become the largest buyer of paint and carpet in the nation in order to make its foreclosures move-in ready.
Given all the “fix-up” work Fannie Mae undertakes on its properties, it’s no surprise that those homes sell fast. Even in our current sluggish real estate market where it takes an average of four to six months for a home to sell because of a shortage of home buyers and an over supply of homes for sale, Fannie Mae foreclosures often receive multiple offers within days of being listed for sale. Fannie foreclosures are often listed below market value and most are move in ready. Check the video below to see the extent to which Fannie Mae preps its properties for sale.
HomePath® offers various incentives for home buyers such as paid closing costs, low down payment option (3% down) and no PMI with HomePath financing. Learn more about the HomePath program.