Written by Scott Bird
Fannie Mae is currently offering 3.5% in closing cost incentives as well as $1200 bonus to the buying agent for properties that close before October 31, 2011.
Today’s statistics show that 323 of the 546 homes sold within the last six months in Cedar City and Enoch areas were bank owned. With the majority of these sales being one party (Fannie Mae), it is nice to see them offering discounts and incentives to both the buyer and the seller.
To take advantage of Fannie Mae incentives, it is very important to know that the offered incentives must be requested by the buyer with their initial offer. You can visit their website at Fannie Mae’s website anytime and click on the “Special Offers” tab. Understanding their proceedures is very important so be sure your Realtor guides you correctly.
Incentives Requirements include:
- Buyer/Buyer’s Agent must request the incentive upon submission of initial offer.
- Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011.
- Sale must close on or before October 31, 2011.
- Buyers must be purchasing a HomePath property to use as their primary residence.
- Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
- Up to 3.5% or total closing costs (whichever is less) can be used.
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time.