Many home buyers these days are feeling frustrated, due to lack of inventory, multiple offer situations and competition from investor buyers. In certain price ranges this is the norm, and buyers want to know how they can avoid these situations.
Well, if you are patient there is one program that may help you get the edge you need – elimination of investor buyers. Via a Fannie Mae program called First Look (under Fannie Mae’s HomePath), you can search for Fannie Mae properties that offer a “first look” to owner occupant buyers. For a period of time, usually 15 days (30 days in Nevada), only owner occupant buyers (including public entities and some non profit agencies) will be able to submit offers on these properties. The program is designed to encourage homeownership.
If you or your agent finds a property on the site you are able to submit your offer for the property online – Fannie Mae uses it’s own forms and not standard purchase contracts.
This program is a great way to beat out those investor buyers, but you have to keep checking with the site to see if there are any new listings; some areas have few or none, and some have many, so don’t give up!
For more details on the First Look Program click here.