Fanny's First Look Option

A program announced by Fannie Mae gives a first-look option for homes in its REO inventory of 70,000 homes to owner-occupant buyers and public entities. During the first 15 days a property is listed for sale, purchases are limited to buyers who intend to occupy the home and public entities. Fannie will waive the earnest money requirement for public entities, and lower it for households that have qualified to use public funds for the purchase. Buyers get 45 days to close, 15 days longer than usual. Fannie Mae does not reduce commissions related to the sale of its REO properties. Investor offers will only be considered after the initial 15 day period. For more info contact Jeff Lischer at NAR, 202-383-1117.