Fannie Mae announced that all of it’s foreclosed homes that are being put on the market are only available to owner occupant buyers for the first 15 days that they are on the market, in what it is calling the ‘First Look Initiative‘.
The idea behind this is to help stabilize hard-hit areas with more owner occupied buyers moving into the neighborhoods, as opposed to investors who will then rent the properties to tenants.
And, buyers who use public funds to cover the down payment, such as Georgia Dream funds, will be given priority in making an offer on the property, and will be given 45 days to close on the property.
This is very similar to the way HUD has for years treated their foreclosed homes. Owner Occupant buyers are given the first opportunity to put an offer on the home, and later if no offers come in, then the bidding is opened to investors. This could be some good news for some metro Atlanta neighborhoods; but will slow investors down even more.
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