Home Sellers Beware – Banks are making easier to buy there REO properties over yours!
Fannie Mae Offers New 3.5% Closing Cost Assistance and Appliance Incentive for Homebuyers 
To encourage the purchase of REO properties, Fannie Mae is offering a new incentive beginning January 28 through April 30, 2010.
Overview of Incentive
During the offer and negotiation of an REO property, buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
- Closing costs
- The purchase of new Whirlpool® appliances by Fannie Mae
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
No additional selling agent incentives will be combined with this incentive at this time.
Eligibility
To be eligible for the incentive, the:
- Offer must accepted on or after January 28, 2010
- Property sale must close before May 1, 2010
- Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — investors are excluded
All of Fannie Mae’s sales channels are eligible for this incentive — retail, auction, bulk, and public entity with or without direct individual buyer.
Financing
Lenders and/or mortgage products may impose restrictions on how a buyer can use the incentive and may
