Las Vegas Selected for Pilot Program from Fannie MaeI was reading an article from our Board of Realtors (GLVAR Realtor Bytes) and it had some great information on Fannie Mae financing and it's relationship to Las Vegas, take a look......
A pilot program from Fannie Mae could help level the playing field between cash-laden investors and owner-occupants bidding on low-priced foreclosure homes in Las Vegas.Fannie Mae is extending the "First Look" grace period in Nevada from 15 days to 30 days effective Monday.
(this is great news...it allows owner occupants extra time to secure a home with out having to compete with the investors) That gives buyers who plan to make the home their primary residence first shot at purchasing a foreclosure within 30 days of its listing. At least
50 percent of foreclosure sales in Las Vegas are cash-only transactions. The bank will almost always take the cash offer because there are no contingencies, no appraisal required and no conditions such as the pending sale of another home. All-cash, owner-occupant purchases will require certification as an addition to the Fannie Mae purchase addendum. Properties that go to contract before the end of the 30-day period and subsequently fall through will be relisted with a new 15-day marketing period. Fannie Mae Chief Executive Officer Michael Williams said the 30-day period could later be replicated across the country if it succeeds in Nevada. He estimated the potential cost of carrying the properties on the books for a longer period of time at $60 million nationwide. "However, given the unique market conditions in Nevada, we found it to be cost-neutral to extend the grace period from 15 to 30 days across the state."
More information on the First Look initiative and Fannie Mae-owned properties can be found at: http://www.homepath.com/.
More information on the First Look initiative and Fannie Mae-owned properties can be found at: http://www.homepath.com/.
Please call me with your your real estate questions. Now is a great time to buy and sell.
(888) 949-2890
(702) 521-3939
Source: Realtor Bytes dated April 30,2010
