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Freddie Mac now gives owner-occupant offers top priority, even if you already own a home

In bank-owned properties, Buyers, Distressed Sales, First-Time Buyer, florida, forclosure, foreclosure, Freddie Mac, government, Home Buyer, home sellers, homeowner, HomeSteps, Industry trends, Investing, miami, miami beach, modification, mortgage, new rules, real estate, REO, Sellers on September 16, 2010 at 11:04 am

Freddie Mac First Look Initiative to launch Sept. 17, 2010

Beginning Sept. 17, 2010, Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative.

This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing, without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible, however, they must be buying the home as their primary residence.

The Initiative supports Freddie Mac’s mission to stabilize communities and support housing recovery through the creation of affordable homeownership opportunities.


Freddie Mac First Look Initiative
Initiative Questions and Answers


What is the effective date of the Freddie Mac First Look Initiative?

  • September 17, 2010

How does the Initiative work?

  • During the first 15 days (30 days in Nevada) a home is listed for sale in the MLS, only offers from owner-occupants, public entities or their designated partners will be considered. Offers from investors and second home purchasers may be submitted to HomeSteps, but they will not be considered until after the initial 15 days of the listing.

What homes are eligible to be included in the Freddie Mac First Look Initiative?

  • HomeSteps homes in listed status, listed on or after September 17, 2010, are eligible for inclusion in the Freddie Mac First Look Initiative.

How will a homebuyer or selling agent know if a home is eligible for the Freddie Mac First Look Initiative?

  • Buyers may contact their selling agent or the listing broker with questions regarding the eligibility of a property; this information will also be included in MLS property listing information.

How will the buyers prove that they are buying the property as their primary residence?

  • The buyer and the selling agent must sign an affidavit affirming that the buyer will occupy the home as their primary residence. Parties that fraudulently sign the affidavit may be subject to criminal or civil liability. The sale will be canceled and the earnest money will be forfeited.

What should the selling agent do if a non-owner occupant makes an offer during the Initiative’s 15-day time period?

  • Submit the offer to the HomeSteps listing broker.
    • Investors may submit offers at any time; however, the offers will not be considered for negotiation until after the 15-day time period.
  • Please note: Offers from non-profits, NSP grantees and community development organizations are eligible for the Freddie Mac First Look Initiative.

If a home has been on the market for less than 15 days on the Sept. 17 Initiative launch date, will this home qualify under Initiative guidelines?

  • No, homes listed prior to the launch date will not be included in the Initiative 15-day time period.


Important Notes

  • The 15-day Initiative time period is based on MLS days, not the date of the Listing Broker listing.
  • Multiple offers received during the 15-day Initiative time period are processed in the same manner as a normal transaction using the multiple offers procedure.
  • Second home purchasers are not eligible for Freddie Mac’s First Look Initiative.
  • In Nevada, Freddie Mac’s First Look Initiative window for buyers who plan to become owner-occupants is being extended to 30 days.
  • Interested home shoppers should contact their local real estate broker for more information about the Freddie Mac First Look Initiative.

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To find out more you may contact me or visit the (Freddie Mac), HomeSteps website

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