By Keosha Burns
Fannie Mae announced recently that its First Look™ period will be extended to 20 days, providing additional time for owner-occupants and public entities to submit an offer on a HomePath property without competition from investors. The change is effective for properties listed on or after January 2, 2014.
First Look is designed to promote owner occupancy and allows both families and public sector entities to submit offers on Fannie Mae-owned properties without competition from investors. Fannie Mae believes that selling move-in ready properties to owner-occupant buyers contributes to neighborhood stabilization and reduces taxpayer losses.
Prospective buyers can search for properties and easily identify how many days remain on a property’s First Look period by visiting www.HomePath.com. The First Look logo appears next to each qualifying property.
Nevada has a 30-day period for owner-occupants to submit an offer without competition, which will remain unchanged.