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REO Incentives Offered!

September 3, 2011

Facing high inventories, banks are looking to fix a growing problem of often vacant and deteriorating properties. Fannie Mae and Freddie Mac have been trying to liquidate their REO’s.

Fannie offered the HomePath incentives starting in 2010. HomePath had several key parts that made it feasible including not needing a perfect credit score and only needing 3% down.

So what are other incentives out there? First is the “First Look” program that the HUD’s National Committee Trust recently started. This program is providing competitive prices on REOs and giving buyers priority access to the homes before they are broadly listed for sale.

Another program offered by JPMorgan, particularly in Detroit, is based on down payment assistance for police officers and city employees. They just have to purchase a vacant home in the city over the next two years. The first buyers will recieve $30,000 in assistance, while others will receive up to $15,000. But act fast on this one, cause only 61 buyers are going to get the benefits of the program.

Do you know of other incentives? Post in the comments and I will add them here!

 

 

Ben Blonder

Owner/Managing Broker, Kapital Real Estate LLC

Office: 970-797-2190

Cell: 970-420-6166

ben_blonder@yahoo.com

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