The Real Deal Miami

Fannie Mae wants to unload foreclosed homes

Lender has 900 properties available through First Look program

February 14, 2014 12:45PM

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foreclosuresFannie Mae is looking to unload foreclosed homes in Florida and 26 other states through its First Look program.

The program kicks off today and runs through March 31, the Palm Beach Post reported. Through First Look, up to 3.5 percent of a homebuyer’s purchase price is provided to help cover closing costs. Buyers get up to 20 days to bid on a foreclosed home without competition.

Fannie Mae last ran the program in 2011.

Palm Beach County has more than 900 foreclosed homes available through First Look.

West Palm Beach broker Shannon Brink told the Post that Fannie’s program is a strong incentive for the broader housing market. But in Palm Beach County, which only has five months supply of foreclosed housing inventory, it’s not a necessity. [Palm Beach Post]Eric Kalis

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