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2012-05-07 21:18:39
What is the First Look Program?

 

First LookProgram

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.

Details include:

  • 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.

 
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