Freddie Mac Expands First Look Period For Home Buyers

Posted by Patrick Barnard on December 20, 2013 No Comments
Categories : Residential Mortgage

Home buyers looking to buy a primary residence or second home now have 20 days – under Freddie Mac's HomeSteps First Look Initiative – to submit offers on new HomeSteps' listings, free from investor competition, according to Freddie Mac.

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. The longer 20-day period supports Freddie Mac and HomeSteps' mission to stabilize communities by fostering affordable homeownership opportunities, says the government-sponsored enterprise.

Previously, the First Look period ended after 15 days. The longer 20-day First Look period took effect for new listings on Dec. 17.

Chris Bowden, senior vice president for HomeSteps, says the expanding period is "especially important for buyers competing for opportunities in markets where home inventories are shrinking."

During the HomeSteps First Look period, HomeSteps will consider offers only from buyers who intend to live in the home as owner-occupants or qualified nonprofits engaged in community stabilization efforts, says Freddie Mac.

Some second-home purchases are eligible under the HomeSteps First Look Initiative, although purchases of investment or rental properties are ineligible.

In Nevada, Freddie Mac says its First Look Initiative will continue to offer a 30-day bidding window for buyers who plan to become owner-occupants and qualified nonprofits.

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