Virginia Kail's Cookeville TN Real Estate Blog

Understanding the Fannie Mae First Look Initiative

Understanding the Fannie Mae First Look Initiative

People looking at my Fannie Mae Homepath properties often ask me what the First Look Initiative is, as it often causes some confusion with both buyers and agents.

The Fannie Mae First Look Initiative runs for the first 15 days a property is listed.  During that first 15 days, the home is available for purchase to buyers who plan to live in the property. The First Look Initiative also applies to buyers using public funds to purchase.

alarm clock

The idea behind the First Look Initiative is to help stabilize neighborhoods by giving owner occupants the chance to purchase the home before investors.

The new owner occupant must move into the home within 60 days of closing.

Investors may submit offers once the First Look Initiative expires. The time frame can be verified on the Homepath.com website. Each property has a countdown clock clearly displayed.

You can search for Fannie Mae Homepath properties for sale on the Homepath website, or click here: to request daily notification of new Fannie Mae Homepath properties in the Upper Cumberland region of Tennessee.

        

Virginia Kail

Realtor®

Cookeville TN native. A full time, full service agent for the entire Upper Cumberland region of Tennessee.

931-260-4729 cell

www.VirginiaKail.com

True Blue Realty

931-559-TRUE  Office phone, 931-559-4256 Office Fax

 

Virginia Kail

Virginia Kail- real estate agent, Cookeville TN

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Comment balloon 3 commentsVirginia Kail • March 05 2012 12:34AM

Comments

Great explanation on the Fannie Mae First Look Initiative guidelines.  I think there are a lot of people out there that had no idea what this was about.  Thanks for clearing this up for everyone.

Posted by Doug Bullwinkel, Mortgage Loan Originator NMLS #281609 (Envoy Mortgage, NMLS 6666) over 7 years ago

Virginia ....great info ....very few people understand or know about this program!  Have a great day!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) over 7 years ago

Doug - Thanks for stopping by.  I decided to write this because investors always seem really doubtful about the whole  thing, as though they think the listing agent is making it up.  :)

Rob- I'm hoping education is half the battle.  

Posted by Virginia Kail, True Blue Realty, Homes and Land for Sale (Investments, starter houses, luxury homes,farms, acreage) over 7 years ago

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