There are a lot of options to help home buyers this season. Please let me know if you’re interested, Ryan Hill Realty has an entire division dedicated to REO sales and works closely with organizations like Freddie Mac, Fannie Mae, and HUD (US Department of Housing and Urban Development) to help home buyers find the best solutions for their needs. Here are some of the programs available:
Freddie Mac First Look Initiative
Freddie Mac launched its Winter REO (Real Estate Owned) Sale on residential properties nationwide. Illinois is on the list.
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative.
This on-going initiative offers owner occupant homebuyers, second home purchasers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing, without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their residence.
The initiative supports Freddie Mac’s mission to stabilize communities and support housing recovery through the creation of affordable homeownership opportunities.
For more information, please Click Here
(Source: Freddie Mac)
Fannie Mae First Look™ Program
Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.
- First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
- Only owner occupants (buyers who will occupy the home as their primary residence), some non profits, and public entities and their partners can submit offers and purchase properties.
- Properties in the First Look period have a countdown clock on the property details page, displaying the days remaining to purchase.
- Investor offers submitted after the First Look period expires will be considered along with all other offers.
For more information, please Click Here.
(Source: Fannie Mae)
US Department of Housing and Urban Development (HUD)
FHA REO properties located in designated Revitalization Areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives. You can also view maps of REO properties and special programs such as Revitalization Areas with HUD’s Single Family Home Locator.
There is an amazing amount of information on the website. Read through to find your best options — Click Here.