Buyers Get An Advantage Over Investors Due To New FHFA Announcement | Florida Mortgages
Buyers are normally at a disadvantage when house shopping against investors. Investors have the cash and are willing to overpay for an investment property. The Federal Housing Finance Agency announced that it will be extending the time owner-occupants can purchase a foreclosed home. Families now have up to 30 days to exclusively bid on real estate owned properties. This will allow people to bid on foreclosure properties before any investor can view the property. This will promote neighborhood stabilization by having more people purchase instead of investors who can typically increase the neighborhood property price. The supply of homes for sale is limited, so this can also benefit home buyers who are looking to purchase their first home.
Overall, this will benefit families by providing access to affordable homeownership opportunities. If you’ve ever considered a fixer-upper that you can make into your dream home, this is the time. Foreclosure homes are typically more affordable and can be a great opportunity to begin building wealth. Want to look for local foreclosed homes in your area? Schedule a call with us and we can help you with the mortgage and house hunting!