Industry NewsMarkets & Economy

Freddie Mac offers ‘First Look’ on REOs

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Following the lead of Fannie Mae, Freddie Mac is expanding its "First Look" program to give buyers who are looking for a home to live in, rather than flip, an opportunity to buy without competition from investors.Fannie Mae rolled out its "First Look" program nationwide last November, saying it would accept offers only from buyers who intend to be owner-occupants or those using public funds during the first 15 days a Fannie Mae property is on the market. Offers from investors are considered only after the first 15 days have passed.Federal housing officials liked the idea so much they have convinced other lenders, representing about 75 percent of the real estate owned (REO) marketplace, to participate in a National First Look Program announced this month.That program gives nonprofit organizations and state and local governments participating in the Department of Housing and Urban Development's Neighborhood Stabilization Program right of first refusal to purchase fore...