Buying a Fannie Mae Forclosure home in Tampa

Buying a Fannie Mae Foreclosure in Tampa:

When you are looking to buy a foreclosure from Fannie Mae there are certain procedures that Fannie Mae has in place to purchase one of their homes. One of the first things that prospective buyers need to know is that there is a first look period on the homes. The first look period is for the Homepath program which requires a home to be on the market 4 days before any offers can be accepted on the property for any owner occupied property and 15 days before any investor can place an offer on the property. Once an offer has been written on a Fannie Mae home the offer then goes to a asset manager for review. The asset manager will usually respond to the offer within 2-3 business days with either an acceptance or a counter offer. Once the offer is accepted by both sides of the transaction Fannie Mae will send their addendum to the contract with the Fannie Mae clauses. Most Fannie Mae Foreclosure homes fall under the Homepath financing with can help you lower your closing cost and this will also ensure that they will pass for all types of financing. Fannie Mae will require a minimum of $1000.00 dollars down on financing transactions and a 10% earnest money deposit on all cash transactions. Buying a Fannie Mae Foreclosure home works just like any other transaction from this point including a 30-45 day closing.

If you are in the market to purchase a Fannie Mae foreclosure in the Tampa area contact us, as we are a Fannie Mae listing agent for Foreclosed homes. Visit our website at www.TampaBayRealtyGroup.org or call us at 813.394.0764.

Kenny Schaaf

Tampa Bay Realty Group - Keller Williams

109 Harbor Village Ln.

Apollo Beach, FL. 33572

813.394.0764

www.TampaBayRealtyGroup.org