Any real estate investor will recognise that the present market conditions represent a great opportunity for the future.

In response to this Fannie Mae has a great new REO program called “First Look” for homebuyers.

However, sadly the program is not quite what was expected as Fannie Mae’s REO listings will now go to homebuyers who plan to occupy the units they purchase – so not really for investors.

Fannie Mae has tens of thousands of properties nationwide and lists them through a participating broker so that those who intend to occupy the property get a first look – investors are only allowed to submit bids after the first 15 days.

So for the first 15 days Fannie Mae will only consider offers from owner occupants, local agencies participating in neighborhood stabilization or community development programs.

“First Look” is a great idea but it could be seen as inconvenient for those investors who have cash ready to purchase a property.

We shall see how the program pans out in the new year as the market changes.

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