Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days.
Within the first 15 days, only bids from buyers who will occupy the home as their primary residence will be accepted. Buyers may be pleased about the change since they will not have to compete against investors for Fannie Mae REO properties. Investors often submit cash offers to the bank and make it difficult for other buyers, especially first time home buyers to compete.
Also read:
Changes that may affect investors purchasing homes in foreclosure
Patricia Beck – Selling Colorado Springs Homes
This entry was posted on Wednesday, December 9th, 2009 at 4:54 pm and is filed under Buying, Investors, News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
