Fannie-Mae has announced a “First Look” program for individual homebuyers, public entities, and certain for profit and non-profit entities for the first 15 days a Fannie-Mae property is on the market (MLS). This is good news for San Diego buyers who have been frustrated with cash investors and non-owner occupied investors grabbing up much of the REO inventory.
During the first 15 days, a property is listed for sale, only offers from owner-occupants, public entities or their designated partners will be considered. Offers from investors can be submitted, but they won’t be considered until after the intial 15 day waiting period.
Individuals and organizations using public funds to purchase Fannie-Mae owned properties can take advantage of this initiative which provides neighborhood stabilization.
If you are a buyer for San Diego real estate find a real estate agent you like working with, look at all available inventory, and have him or her set you up on an automatic Sandicor MLS update. Attractive properties in the lower price ranges sell quickly, but at least now you’ll have a better chance with Fannie-Mae owned properties.
More information can be found here - Fannie Mae REO & Neighborhood Stabilization
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