By Troy Corman, t2realestate.com
Fannie Mae has implemented it's "First Look" initiative to allow owner-occupants a chance to buy Fannie Mae foreclosures the first 15 days they're on the market. Investors and those not intending to live in the home can only make an offer after the first 15 days have passed.
Fannie Mae is also allowing owner occupant buyers up to 45 days to close, 15 days more than normal. The First Look initiative is intended to help owner-occupant buyers and low-income buyers.
This initiative will probably help a few buyers but it will undoubtedly slow down the foreclosure purging process that needs to take place. The sooner we can purge the foreclosures, the sooner ALL home owners can benefit.