Fannie Mae initiated a program called the Fannie Mae First Look Initiative in the Fall of 2009.
Initially there was alot of confusion in the marketplace regrding this program. However it is actually a very simple guideline that simply regulates the initial 15 days of marketing time for a particular Fannie Mae and Freddie Mac properties. If you are an investor looking ot purhcase a second home or investment property you cannot make an offer during the “15 day First Look period”. Fannie Mae wants to give the primary home buyer or owner occupant the first chance to purchase their properties. It is Fannie Mae’ s assertion that these owner occupant buyers bring should permanency and stability to the home markets where bloated inventories of foreclosures have reached unprecedented levels. So if you are looking to buy on of these properties and you are an owner occupant, good news, you have a 15 day head start on the investor types!! If you are an investor then hold your horses and contact me @ 251-609-4242 so I can update you on the timeline before they will consider you offer.
I am eclosing snippets form the Homepath website detailing this program:
Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.
- First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
- Properties in the First Look period have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase.
- Eligible buyers during First Look are owner occupants*, public entities and their partners, and some non profits.
*Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, purchasing as a vacation/part-time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look.
Investor offers submitted after the First Look period expires will be considered along with all other offers.
Ask a Fannie Mae listing broker for more details. If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, contact the Fannie Mae Resource Center immediately at 1-800-732-6643.
Should you have any questions about the Fannie Mae initiative or any other programs currently out right now, please feel free to call me at 251-609-4242
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