Fannie Mae looking to unload foreclosures

Posted on Monday, February 17th, 2014 at 3:32pm.

Fannie Mae wants to unload foreclosed homes in Florida and 26 other states through a new program, First Look.

The program started February 14th and will run through March 31st. Through First Look, up to 3.5 percent of a home buyer's purchase price is provided to help cover closings costs. Buyers are given up to 20 days to bid on a foreclosed home without any competition. The last time Fannie Mae ran this program was in 2011 to great success.

Palm Beach County has more than 900 foreclosed homes available through First Look, which is only about a 5 month supply of inventory.

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