In an effort to boost sales of its REO properties, Fannie Mae said it would help pay for closing costs for qualified home buyers. Home buyers will receive up to 3.5% of the sales price for closing costs on a property they will live in as their primary residence. The aid can also go towards a home warranty, if necessary.
What's interesting about this deal plan is that real estate agents and brokers can also qualify for a bonus. Selling agents representing owner-occupants can receive a $1,500 bonus.
The incentive program is for properties listed on www.HomePath.com, Fannie Mae's REO Web site. The deal is good for offers submitted on or after Sept. 23, 2010, and that close by Dec. 31, 2010. To qualify for the program, the home sale must close within 60 days of the offer being accepted.