The Rules: Initiative Gives Homebuyers 15 Days to Buy Without Investor Competition
Fannie Mae, Freddie Mac and HUD all have programs designed to give individuals looking to buy a home as an owner-occupant a chance to purchase prior to allowing real estate investors to buy these REO properties. All programs are similar with links at the bottom of this page too the specifics of the various programs.
Here are the guidelines for the “Freddie Mac First Look” program
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative.
[pullquote_right]The Fannie Mae First Look program is pretty much the same as it is designed to promote owner occupancy and
provide both owner occupants and public entities an advantage in
submitting offers on Fannie Mae-owned foreclosed properties without
competition from investors.
Only offers from owner occupants and
participants of the Neighborhood Stabilization Program are considered
during the initial period a property is on the market.
investors are considered after the First Look window has passed.[/pullquote_right]This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program NSP grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing, without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary residence.
The initiative supports Freddie Mac’s mission to stabilize communities and support housing recovery through the creation of affordable homeownership opportunities. Please read the following section below to familiarize yourself with the initiative.
First Look Eligibility and Identification
During the first 15 days 30 days in Nevada, a home is listed for sale in the Multiple Listing Service “MLS”. HomeSteps will consider purchase offers from owner-occupants, public entities or their designated partners. Buyers intending to purchase the property for investment, vacation, second home or similar purposes may submit offers to the listing broker and HomeSteps will consider them after the initial 15 listing days have expired.
All HomeSteps homes listed on or after September 17, 2010, are eligible for inclusion in the First Look.Agents may contact the HomeSteps listing broker with questions regarding the eligibility of a home; this information will also be included in MLS home listing information.
15-Day Window for Offers
Buyers must have their broker check the MLS or contact the listing broker to determine how many days are left under the First Look.
Applies to Primary Residence Only
The buyer and their selling agent must sign an affidavit affirming that the buyer will occupy the home as their primary residence. Parties that fraudulently sign the affidavit may be subject to criminal or civil liability.
Multiple offers received during the 15-day Initiative time period are processed in the same manner as a normal transaction using the multiple offers procedure. Second home purchasers do not qualify for the First Look.
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