Non-investors get Fannie REOs first

Fannie Mae has launched a new program that's intended to give public entities and buyers looking for a home to live in, rather a property to flip, a first crack at homes Fannie has foreclosed on.

Under Fannie Mae's 'First Look' initiative, only offers from buyers who intend to be owner occupants and buyers using public funds will be considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.

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