Fannie Mae Homes - Fantastic Bargains or Fandango Flops?

Buying a home from Fannie Mae is an interesting procedure.  All the documents have to be filled out twice, the time period between offer acceptance and getting the keys is longer, the inspection period is ill defined and nobody has any specific authority to do anything.

However, they are currently fantastic bargains.  I just helped a client get a Fannie Mae home in an upscale neighborhood for about $20,000 under market value!  There are many homes like this in the Phoenix area now.

How does this work?  Well, the new home owner is going to have to make repairs of about $1000 to the home after it becomes theirs.  It seems that most people who want to own a home now also want a "turn-key" home that they can just move into and live in without being bothered by repairs.

These homes are not expected to last long.  If you are not particular about where you live and don't mind putting in a little "elbow grease" or at least hiring a handyman for a day, you might want to check into a home like this.

Make sure your Realtor is Fannie Mae qualified - ask them how many Fannie Mae homes they have done in the past year.  There is a lot of faith required in a Fannie Mae purchase.

Good Luck,

Uncle Tim

Avondale Real Estate, Goodyear Real Estate, Buckeye Real Estate, Glendale, Real Estate, Phoenix Real Estate, Surprise Real Estate, Peoria Real Estate, Tolleson Real Estate, Laveen Real Estate, Waddell Real Estate, Wittman Real Estate