‘First Look’ Longer
Mar 10, 2014
Fannie Mae's innovative First Look™ marketing period was recently expanded from 15 to 20 days to provide additional time for eligible owner-occupants and public entities to submit an offer on a "First Look" Fannie-Mae owned property without competition from investors.
The change became effective for properties listed on or after January 2, 2014.
Take a Look
According to Jane Severn, a marketing director in Fannie Mae's Real Estate Asset Management group, Fannie Mae prefers to sell HomePath properties to buyers who will live in the home, as opposed to investors who plan to rent or sell the home. "When the home is listed, we will only accept bids from owner occupants for the first 20 days,” explains Severn, “so they can bid on the property without competition from investors." The countdown of days left is displayed with the property listing on HomePath.com.
Because these homes are competitively priced, they often attract first-time buyers, homeowners who want a larger home, or retirees looking to consolidate. In addition, Fannie Mae offers financing incentives, such as a low down payment and flexible mortgage terms, for some of the properties. Financing options include HomePath Mortgage for move-in ready properties, and HomePath Renovation Mortgage for homes requiring light to moderate renovation.
Freddie Mac offers a similar First Look purchasing window for its HomeSteps.com properties.