Fannie Mae is trying to tighten up its initiative to facilitate the sale of REOs to owner-occupants with FIRST LOOK®. For the first 15 days the home is marketed, only offers from owner occupants are considerered or accepted. After those 15 days, if no offer has been accepted, the field is open to corporations and investor-owners as well (those that do not plan to live in the home).
Fannie Mae wants to encourage owner occupied purchases to stabilize hard hit neighborhoods. These properties can be found on www.HomePath.com. Fannie Mae says these buyers bring permanency and stability to tenuous markets where swollen inventories of foreclosures have taken their toll, and the GSE is making some changes to ensure owner-occupants and public entities have "first look" at its REO homes
"While investors play an important role in the REO market, homebuyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process," said Jay Ryan, Vice President for Alternative REO Dispositions at Fannie Mae. "Public entities under the Neighborhood Stabilization Program also benefit from inspecting eligible properties and making offers to purchase without pressure from open market competition. These entities are making considerable investments in rehabilitation and stabilization."
To get the process started to purchase your Fannie Mae owned home is easy. Visit http://www.garrick.biz/forms/purchaseAssistant.html to get the process started!
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