Many investors are taking advantage of the opportunity afforded by the foreclosure inventory in Austin.Â Some of these homes are beyond the scope of repair that the average homeowner is comfortable performing, so it can be a win-win when an investor rehabs a home and puts it back on the market for resale thereby protecting the property values in the neighborhood.Â
Prior to making an offer on a Fannie Mae foreclosure, investors should know that Fannie Mae generally requires a 90 day deed restricting resale price to 120% of the purchase price.Â This restriction, "runs with the land," so if the investor resells within that 90 day period the new owner is restricted by the deed as well.
Although Fannie Mae foreclosures can still be profitable, it is important to know about these restrictions if you're thinking of reselling.Â For more information about Fannie Mae foreclosures or buying a home in Austin, contact me at: 512-228-9111.
Visit me at:www.bestaustinneighborhoods.com
or check out my rehab project at:www.myAustinflip.com