Foreclosed Homes

A foreclosed home or property is an attractive proposition as it is usually available at well below the market rate. The possible saving has attracted many homebuyers. Unfortunately alert investors come to know of such bargains well before and close a deal long before the homebuyer. To preclude speculators and investors, Fannie Mae launched its First Look initiative in November to promote home purchases by owner occupants. Under the First Look initiative, for the first 15 days a property is put on the market, the only offers to be considered are those from buyers using public funds and owner occupants. It is essential for eligible buyers to act immediately on these properties in the first few days to exploit this competitive advantage. Fannie Mae and Freddie Mac together are the two largest foreclosed homeowners in the nation. It is estimated that Fannie Mae alone holds an account of over 75,000 foreclosed properties in its REO inventory.

Buying Foreclosed Properties

Dale Warfel is a long-standing realtor who operates in the San Jose neighborhood and surrounding areas. He also deals in foreclosed real estate properties in Almaden Valley for which he holds a hot-list of listings on what is available. Dale Warfel is able to guide a homebuyer in the advantages and disadvantages of a foreclosed property purchase. He can be contacted at 408.624.6202. Please visit his website, www.dalewarfel.com and check out the hot-list of homes for sale in Willow Glen.