CA Mortgage News – Home Buyers Will Have Advantage Over Investors
By: Kathryn Davis
Thanks to Fannie Mae who has introduced a new program for owner occupied foreclosure buyers called, “First Look”. This is giving 
home buyers 15 days to preview and make offers on Fannie Mae foreclosed homes. This will be great especially in Riverside, San Diego and San Bernardino where buyers are frustrated with the mass competition with other home buyers and investors all bidding on the same property. This will give home buyers an edge over the competition. Banks typically accept investor’s offers over home buyers as investors offers are usually all cash instead of another banks mortgage loan, so they are a safer investment to them. Thus why buyers see investors as “scooping up all the houses”. I know that my buyer clients in the Inland Empire will be excited to get these sneak peaks of Fannie Mae houses and be able to make offers before any investors come on the scene. This will also be a huge boost for buyers looking to use the “first time buyer tax credit” before it expires.
Fannie Mae took notice that in 2009 many buyers gave up in frustration with the multiple offers and investors getting the deals. This First Look is an attempt to rebuild and stabilize neighborhoods.
Some Fannie Mae Requirements for purchasing a Fannie Mae Foreclosed Home are:
- Buyers need to work with a real estate agent to submit an offer to the listing agent identified on the HomePath site.
- No offers will be accepted if they are contingent on the sale of a buyer’s current home.
- Buyers are required to have a prequalification statement from a lender.
If you are looking to buy in the Riverside area contact us immediately.