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Old 09-08-2008, 08:13 PM
 
79 posts, read 209,003 times
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I am wondering if anyone thinks that the gov't bailout of fannie mae and freddie mac will slow down foreclosures? I've noticed that when the FDIC takes over a bank, the bank's foreclosures are put on hold until thinks getting sorted out. Just wondering what other folks think.
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Old 09-08-2008, 08:28 PM
 
Location: Plano, Texas
1,676 posts, read 6,334,056 times
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In my opinion it can only help. Since the action by the government to take over fannie mae and freddie mac, we have already seen rates drop by about .50% over the weekend and could get even lower. With lower rates people will be more likely to buy a home they were putting off. In my opinion, lower rates more people buy homes, higher rates less people buy homes. I think that is pretty tough to argue against. I dont think the bailout will make it easier to qualify other then a lower rate gives you a lower debt ratio which might be the difference in qualifying or not. This should also pick up refinance activity which puts a lot of people to work and lowers mortgage payments which gives homeowners more money they can spend to stimulate the economy. So, this action will help some but we still have a lot of homes that need to be foreclosed on.
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Old 09-11-2008, 07:56 AM
 
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Does any one know if Freddie and Fanny never pay closing cost when it is a bankowned property and the buyers have to pay for it?
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Old 09-11-2008, 08:01 AM
 
Location: Plano, Texas
1,676 posts, read 6,334,056 times
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Quote:
Originally Posted by bentlebee View Post
Does any one know if Freddie and Fanny never pay closing cost when it is a bankowned property and the buyers have to pay for it?
I think you are asking if bankowned properties will do a seller concession to pay the closing costs of the buyer. That is up to the bank, but i have closed 2 loans this month for clients that were bank owned and we got the bank to cover the buyers closing costs. The realtor helped get this done when she placed the offers. This is where when working with an experienced professional pays off. I hope this answered your question.
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Old 09-11-2008, 01:49 PM
 
25,342 posts, read 37,480,980 times
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thanks...I was told Freddie and Fanny never pay closing costs but as a cash buyer you can make the offer lower so in a way it cover it...other bankowned are paying closing costs...
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Old 09-11-2008, 04:57 PM
 
69 posts, read 1,048,747 times
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Quote:
Originally Posted by bentlebee View Post
Does any one know if Freddie and Fanny never pay closing cost when it is a bankowned property and the buyers have to pay for it?
They paid all of our closing costs for the foreclosure we bought in July.
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