Almost a Mogul

Nah not quite. I’ve been watching foreclosures in my little town for quite a while now. It’s a good time to invest in real estate. Well, a few weeks ago, I saw a Fannie Mae foreclosure at a great price and the interior photos were very surprising. So, I made an appointment with the realtor and went to see it. It was move in ready except for needing a back deck and minor repairs. When I asked about price flexibility, the agent told me it was going to auction.



Hmmm. I’ve bought some things at auction, including my car, but jeez, a whole house is a big deal. I registered for the auction, but choked when the live auction began. I made an opening bid, then froze. First time jitters I guess. What a cowardly fool I was. This house went for $34,000 in a neighborhood of $115000 to #125000 previously sold properties.


On the up side, I learned a lot, am still registered for home auctions & next time I’ll have more confidence in myself.


What I want to pass on is what I learned about the Fannie Mae Homepath program. They do not favor investors. Their purpose is to bring owner/occupiers into established neighborhoods. If you are an owner /occupier, you can put 3% down, no PMI, no appraisal costs. For the first 15 days of the listing, investors may not bid.


We all know people who need housing at reasonable cost and I just want to pass on info for this wonderful opportunity for buyers. If you know someone who could benefit from this program, just send them to the Fannie Mae Homepath website.