Fannie Mae’s First Look Program
Lately questions about Fannie Mae’s First Look program have been asked; in brief here is information that may help from HomePath.com:
Fannie Mae's innovative First Look marketing period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants who occupy the home as their primary residence, some nonprofits and public entities and their partners can submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com, except Nevada where it is 30 days. Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with eligible purchasers.
Investor offers submitted after the expiration of the First Look period will be considered along with all other offers.
I agree with this strategy because it gives the owner occupant buyers a chance.
Gary Trieschman is the president of .