Florida’s foreclosures rate is high. Though it is sad for those who lost their home, the market provides an opportunity for interested would-be homeowners who could not afford to purchase during the height of the market. Qualified buyers may purchase homes these days below current market price, with low down payment, and government sponsored down payment and closing assistance.
Fannie Mae's First Look initiative offers foreclosed properties often at 50%-70% off original prices, and well below even current market to would be HOME OWNERS – people who intend to occupy the property year round. When foreclosed properties are first offered for sale by Fannie Mae, during the first 15 days of listing (soon to be extended to 30 days) offers are accepted from potential primary residents ONLY. The purpose for the program is to provide a period during in which everyday folks have an advantage over and need not compete with investors. The program is intended to assist lower and mid-income citizens to achieve home ownership, while at the same time contribute to neighborhood stabilization. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers.
If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.
If you are searching for your PRIMARY RESIDENCE and can PAY CASH or are credit worthy (employed and have a decent credit history) this may be the best time for you to think of purchasing your home!
IMAGINE… ROCK BOTTOM PRICING and no competition from cash rich investors….
Example: Currently available in Boynton Beach, Penthouse unit on the Intracoastal with magnificent Intracoastal and Ocean views, listed at $235,000.
Original preconstruction price over $750,000: Current County Clerk Appraisal $323,000!
First look program ends on Jan 4th, 2010. As expected, there are already offers on the table, and investors with cash in hand are most probably going to be left out of the bidding.
First look program ends on Jan 4th, 2010. As expected, there are already offers on the table, and investors with cash in hand are most probably going to be left out of the bidding.
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