Fannie Mae First Look Program Draws in Thousands of REO Buyers

Fannie Mae announced thatrnits First Look^TM program has moved more than 29,000 homes out of its owned realrnestate portfolio in the last year, selling the properties acquired by therngovernment sponsored enterprise (GSE) through foreclosure to owner occupants</p

First Look is designed to promoternowner occupancy and community involvement in housing.  Individuals and public entities are given a periodrnof time, typically 15 days, after a property is listed on the GSE’srnHomePath.com real estate marketplace, to inspect the property and submit anrnoffer to purchase before the property is made available to investors.  In addition to selling to individualrnowner-occupying buyers, Fannie has worked with almost 800 public entities whichrnfinance the purchase using Neighborhood Stabilization Program funds.  These entities have purchased 5,000rnproperties through First Look. </p

“While investors playrnan important role in the REO market, homebuyers who intend to occupy a homernmake an immediate and lasting commitment to the community and therefore meritrnpriority consideration in the REO sales process,” said Jay Ryan, VicernPresident for Alternative REO Dispositions at Fannie Mae. “Public entitiesrnunder the Neighborhood Stabilization Program also benefit from inspectingrneligible properties and making offers to purchase without pressure from openrnmarket competition. These entities are making considerable investments inrnrehabilitation and stabilization.”</p

The Wall Street Journal  recently said that, at the end of June overrn191,000 homes were in the REO inventories of Fannie Mae and Freddie Mac.</p

Buyers can indentify FirstrnLook offerings as well as other homes for sale by Fannie Mae by visiting thernHomePath website at http://www.HomePath.com.  First Look programs are identified with arnlogo and a countdown clock which indicates how many days remain in the initialrnoffering period. </p

FHA VERSION: Neighborhood Stabilization Participants Get First Look at FHA REO

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