My Real Estate Blog

Fannie Mae wants to sell its housing inventory that it acquired through foreclosures. The properties are listed for sale on HomePath.com. To do so, it's offering buyers incentives for those properties.

So what's the special offer? Buyers can receive up to 3.5 percent of the sales price for closing costs or the purchase of a new Whirlpool appliance or even a combination of the two.

And then there are those that are already in place. The government's current buyer incentive programs include the extension of the First-Time Homebuyer Credit through April 20, 2010 (there's a 60-day cushion to complete closing beyond that date). This program broadens the reach to include existing homeowners. Here is a quick look at eligibility and the incentives:

• $8,000 tax credit for first-time homebuyers

• $6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence

• Increased income limits for individuals and couples Tips for buying a home owned by Fannie Mae.

What you see is what you get. When you are buying a property owned by Fannie Mae, there are a few things that you should know. According to its website, Fannie Mae may make some repairs to a property but probably not much. "Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement."