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Fannie Mae has once again come up with a GREAT idea to move more of their inventory of foreclosed homes.  They are now offering a $1200 incentive to realtors to sell their homes.  Some rumors are circulating, saying that this is because more Fannie Mae foreclosures will hit the market soon.  And this incentive will make room for the coming foreclosures.  Fannie Mae has come up with other great ideas to help sell their foreclosures, they off First Look program which allows only buyers that will live in the home to make an offer in the first 15 days the home is listed.  Investors can not make an offer until the home has been on the market for 15 days. 

Fannie Mae is also still offering 3.5% of the sales price to be paid toward the buyer's closing costs.  My understanding is that the home must close on time to get this incentive.  This incentive has been extended to contracts closing by October 31^st.

Don't forget Fannie Mae foreclosures  also can qualify for the Home Path Mortgage Program.  Such Benefits include:

• No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment
• No Appraisal- this saves the buyer the cost of an appraisal.  More importantly it allows your buyer to buy a home that may need some minor work/repairs.  Fannie Mae wants to sell these homes and by not requiring an appraisal it allows the home to get financed without having to fix any issues
• Down Payment is as little 3%
• Seller contribution is allowed to go up to 6%, or 9% with a 25% down payment
• Real Estate Investors qualify for just a 15% DOWN PAYMENT, this is great since investment property loans now require a 20-25% down payment.