Owner-occupants get first shot to buy Fannie Mae foreclosures; Investors must wait

Dennis Norman

Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

Highlights from the First Look Initiative:

  • In Nevada, the Freddie Mac First Look Initiative offers buyers who plan to become owner-occupants a 30 day window to shop without investor competition.
  • Investment, vacation or second home purchasers are ineligible for the Freddie Mac First Look Initiative.
  • The Freddie Mac First Look Initiative will provide a 15-day window to buyers working with NSP and NCST affiliated groups.

This initiative by Fannie Mae will definitley give home buyers that are looking to buy a Fannie Mae foreclosure home a great opportunity on a home.  Many investors purchase Fannie Mae homes to resell or to hold as rental property and by giving homeowners the first shot a lot of the competition is eliminated.

To find out more about homes available on the First Look initiative, or to get more information on the program you can leave me a comment on this site.

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