I have sold a home under homepath before. One of the Addenda that Fannie Mae will require you to sign under the first look program states that you will establish this as your primary residence and occupy the home within 60 days after closing. You must occupy the home for at least a year. If you do not occupy the home, you must pay $10,000 to the Seller in liquidated damages in addition to the Seller being able to keep the escrow payment. See below. After somewhere between 15 and 30 days Fannie Mae would open it up to investors. You would have to wait until that happens.
Fannie Mae's innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization â€” allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors. Details include:
â€¢First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
â€¢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.
â€¢Properties in the First Look period have a countdown clock on the property details page, displaying the days remaining to purchase.
â€¢Investor offers submitted after the First Look period expires will be considered along with all other offers.
As you can see this option may not be the way to go. If you need help finding a home in Sun City Center and would need an age waiver, I can help you in the process. We have many affordable homes that do not require to be sold under the Homepath program.
Mary Ann Pasquarello
Century 21 Beggins Enterprises
Sun City Center
Question: Are you 55 years old? This is a 55+ community. If you are not 55 years and older you can not purchase this home.
If you are over age 55 you may put in an offer to purchase. I would recommend if you have the financial ability to buy you do so now because a home at this price, in a great neighborhood may or may not come onto the market again for quite awhile. Also this home does not have appliances.
Please feel free to contact me at firstname.lastname@example.org if you are interested in purchasing this property.
Trudy Province, Prudential Florida Realty
Sun City Center, Fl
You can go to my homefinder website to view properties: http://www.suncityflorida.net
If you are familiar with the area, then the risk is probably a little lower. Do you have any family or friends you could trust to see the property for you?
Connect with a Realtor, someone who has taken the time to respond to your question and get al the details an guidance you need to buy sight unseen.
It's a bit risky to buy sight unseen but with this crazy market, you may not have any other option if you want to buy now. Fannie Mae foreclosures allow HomePath Renovation financing so even if you buy a foreclosure without appliances or even needs a new roof and new hardwood floors and painting throughout, you can add those costs into your mortgage and only put 3% down. If you are eligible for a VA Mortgage, you cannot buy a house that has any condition issues, the VA is fairly strict. The VA doesn't offer a fixer upper mortgage, either. If you're not eligible for a VA Mortgage, we also have a downpayment assistance program that can allow you to buy a house for almost nothing down (plan on $1k deposit) but again it requires the house to be in fairly good functional condition and have certain appliances.
If you want to browse listings, you're welcome to sign up for a free listingbook account on my website and it will give more details, i.e. if it's 55 and older and if pets are allowed. Sign up here: http://www.SoldOnTampa.com
All the best,
Alma Rose Kee, PA
Future Home Realty