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Fannie Mae First Look Initiative

If you a buyer frustrated because your offers are routinely dismissed in favor of cash offers from investors, relief is here on Fannie Mae bank owned properties.

Effective immediately, during the first 15 days a property is in the MLS, investor offers will not be considered! This program is called the First Look Initiative and it's imperative that buyers act on these properties quickly during the first few days to keep this new competive advantage.

To register to see this properties as soon as they are available, go to www.OCBankDeals.com (for Orange County) or www.BankDealsNow.com for any other area.

Nancy Moeller, CPA, Real Estate Broker, REO Specialist

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

Direct: 714 276-7006

Fax: 714 917-2293

Posted by Nancy Moeller on 08/10/2009 03:14 PM

Comments (5)

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5 Comments on Fannie Mae First Look Initiative

AUG

Nancy - I haven't seen anything on this and have tried to find more information on this on the internet. Has this taken effect? No one seems to know about it in our area yet. This could be huge in our area as investors have been getting their offers accepted more often than first time home buyers. Thanks for the info.

AUG

First I've heard of - sounds like a great idea! Let's hope it actually happens!

This was great information,

Thank you for sharing.

I had a realtor ask me about this today and your blog answered her quesiton.

AUG

I'm confused as to Fannies guidelines on back up offers. I just had an agent tell me that they weren't accepting backup offers or other offers yet the original offer isn't accepted.

AUG

Lori - These are our "effective immediately" instructions direct from our asset managers on the Fannie Mae assets we list.

Laura - all offers have to be submitted until its under contract. Hopefully this agent isn't being lazy, or worse - trying to bury offers in favor of his own clients for a double-end.

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