The Boise Real Estate market just got a shot in the arm. In a move that demonstrates just how big of a glut of homes are on the market Fannie Mae has recently announced an incentive program designed to substantially reduce the large number of REO (Real Estate Owned).
Fannie Mae sold 89,691 REO homes in the third quarter of 2009, up from 39,864 in the previous quarter it said in it’s most recent quarterly filing. Fannie Mae had 72,275 foreclosed homes or REO’s as of September, 30th, 2009.
Idaho Home Buyers who purchase and close on a Fannie Mae REO between January 28, 2010 and April 30, 2010 will be paid 3.5% of the total sales price to be used as follows:
- Buyers closing costs
- The purchase of new Whirlpool appliances, at the buyers discretion, up to the maximum 3.5%
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
- Idaho Home Buyers that live in and occupy their home as their primary residence are the only Idaho Home Buyers that qualify for the incentive program. Idaho Real Estate investors do not qualify for the incentive program but may still purchase any Fannie Mae REO.
Where do you find a list of Fannie Mae REO owned homes? Fannie Mae lists all their REO’s at www.HomePath.com Before buying any REO you must know the process involved and must have good representation. An Idaho real estate professional will save you money and stress when making your REO purchase.
When you have found a home that is of interest to you email me at george@tallabas.com or call me directly at 208-880-2333.
Thank you and good luck with your house hunt!
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