Home Buying in New Orleans>Question Details

Jean.patters…, Home Buyer in New Orleans, LA

I am interested in buying a Fannie Mae home? Pros/cons?

Asked by Jean.patterson, New Orleans, LA Wed May 11, 2011

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1) If it is a deal, it is gone in a day....not for the meek
2) If you are a homebuyer it is easier to get your bid accepted...usually the first 10 days are for home buyers/after that investors can make offers.
3) I would strongly advise not trying to do this on your own...use an experienced agent who understands how, when and all the bits and pieces it takes to make offers on such properties...if one iota of detail is left out Fannie Mae will reject the offer.
4) Cash is King...Fannie Mae will offer you all these "great' incentives to buy, but like any other loan it is based on credit...and all the associated criteria.
5) In the same "Cash is King" scenario, remember if a home is foreclosed do you think the home loser cleaned up behind themselves when their behind was being kicked out of the house? Probably not.

So even if you get financed after 45 to 90 days, you will still need cash to cleanup and renovate.

There are many more pros/cons specific to the New Orleans metro area....I have helped some clients make incredible money buying in at the right time for the right money.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Thu May 12, 2011
Pros are great financing options if you qualify along with home warranty. Cons, it can be competitive because you can be sure lots of other folks are going after these same great deals which are foreclosures in most cases. Be CERTAIN to have your pre-qualification done in advance with a licensed mortgage expert.
0 votes Thank Flag Link Wed May 11, 2011
Excellent finance option, oftentimes with downpayment/closing cost assistance. Email me if you would like more info, craig@mbellrealty.com
0 votes Thank Flag Link Wed May 11, 2011
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