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Tips for Buying a Scottsdale Foreclosure

August 5, 2011 by Carmen Brodeur

Fannie Mae has published some tips for buyers considering purchasing a HomePath foreclosure. HomePath foreclosures are certain foreclosures owned by Fannie Mae which are specifically targeted as owner occupied residences. The rules surrounding bids for HomePath foreclosures are designed to give American owner occupied homeowners an scottsdale homesadvantage over foreigners and investors.

1. Get pre-approved by a lender to show that you are serious and qualified.

2. Look for properties eligible for HomePath financing. HomePath Mortgage
financing features:

• Qualification even if credit is not perfect

• Low down payment requirements

• Down payment can be from your own funds or from a gift

3. Submit acceptable and complete offers and be aware of the strict timelines involved in purchasing a HomePath
house:

• Offers will not be accepted until a property has been listed for at least 3 business days.

• “First Look” Program – Only owner occupant offers are considered for the first 15 days a property is listed.

• An acceptable offer includes: a complete AZ purchase contract, a complete Fannie Mae Real Estate Purchase
Addendum, and earnest money. A pre-approval for financing will strengthen your offer.

• 10-day inspection period commences on the date Fannie Mae verbally accepts the offer. Fannie Mae will
disclose any hazards related to the property.

• Fannie Mae homes are sold “as-is”, and they highly recommend a home warranty.

4. The escrow period before a closing ranges from 30 to 45 days from contract acceptance.

 

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TopScottsdaleHomes.com

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Carmen Brodeur Scottsdale RealtorVoted in the Top 3 Real Estate Agents in Arizona by the readers of Ranking Arizona Magazine, 2015-2022. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.

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Your Scottsdale Real Estate Connection

Whether you are buying or selling, we are committed to providing you with exceptional service. Put our experience to work for you. Contact Carmen Brodeur today at Carmen@TopScottsdaleHomes.com

Our Office

We are conveniently located in North Scottsdale.

Trillium Properties, LLC
20715 N. Pima Road, Suite 108
Scottsdale AZ 85255
(602) 791-0536
Carmen@TopScottsdaleHomes.com
 
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