Buying Foreclosures

imagesCAS1UB1C This is a first in a series of blog articles that wil be dedicated to helping First Time Home buyers understand how to buy a foreclosure.

Many people do not understand that Fannie Mae has a program that is called “First Look” that allows “First Time Home Buyers” the option to make offers on their homes over “Investors” offers.

“First Look” is a way Fannie Mae encourage more homeownership and let’s be frank a real estate market driven by homeownership vs investor driven market is a healthier real estate market.

So for the first 15 days a Fannie Mae Property is on the market it can only receive offers from buyers who want to occupy the home. Investors are not permitted to make offers during this 15 day “First Look” period.

So if you are a first time home buyer then I would consider buying a Fannie Mae owned property.

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