Q: What's the "First Look Initiative?"
Apr 08, · The First Look Initiative was created to help create stability in certain communities. The program isn’t available throughout the country, but in a select few states for now. Freddie Mac started the program in an effort to sell the foreclosed homes to . The Freddie Mac First Look Initiative is an ongoing initiative which offers owner-occupant homebuyers and select non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 20 days of listing (30 days in Nevada, Cook County, IL, and the city of Detroit, MI) Click to see full answer.
With the spring homebuying season just around the corner, today we're answering more:. Does HomeSteps offer financing? Am I required to use HomeSteps Financing? No, buyers are not required to use HomeSteps Firzt when purchasing a HomeSteps home in one of the available states. Can investors purchase HomeSteps homes? The Freddie Mac Initkative Look Initiative is an ongoing initiative which offers owner-occupant homebuyers and select non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 20 days of listing 30 days in Nevada, Cook County, IL, and the city of Detroit, MI without competition from investors.
Can I rent a HomeSteps home? HomeSteps homes are not available for rent. What tips do you have for people looking to freddoe REO properties? Buying an REO home is a lot like buying any other home.
These four tips can help you be better prepared to succeed: find a reputable agent who knows the market, get pre-approved, do your homework and be dirst to act. Learn more about the HomeSteps difference and start how to decorate flip flops with ribbon search today.
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Jul 17, · Freddie Mac First Look Initiative program offers homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps/Freddie Mac homes before competition from investors and second homebuyers. Nov 20, · Take Advantage of the Freddie Mac First Look Initiative Freddie Mac offers owner occupied borrowers and certain non-profit agencies to have first dibs on Freddie Mac owned homes. It’s made possible through the Freddie Mac First Look Initiative. You’ll recognize the homes as they are advertised and sold datmixloves.comted Reading Time: 3 mins. It is an initiative that allows an owner occupant purchaser the first option to purchase Freddie Mac owned properties—along with select non-profits—an exclusive opportunity to purchase HomeSteps homes prior to competition from investors—through the Freddie Mac First Look Initiative program.
If you're looking for a good deal on a home and who isn't? This program is offered through HomeSteps, which is Freddie Mac's real estate sales unit. The First Look initiative gives home buyers who plan to live in a home an advantage and head start over investors when Freddie Mac lists new homes in your area.
Foreclosure homes that are owned by Freddie Mac are marketed through the company's HomeSteps program. Under HomeSteps, these homes will be marketed and sold by local real estate companies selected by Freddie Mac. The First Look initiative states that when a new home is listed, HomeSteps will only accept offers from the owner occupant, second home buyer or community stabilization non-profits for the first 20 days after the home is listed on the local multiple listing service.
During that time, the home may not be sold as an investment property. Freddie Mac homes for sale are also listed on the HomeSteps website. To make an offer on a Freddie Mac First Look home you must make your offer through a licensed real estate agent. The HomeSteps website has a page to enter your location to find agents working Freddie Mac deals in your area. Find an agent experienced with taking successful offers to Freddie Mac. Interview several agents and talk to some of their customers before settling on the agent.
A large portion of your success in obtaining a Freddie Mac First Look home at a good price depends on the experience and skill of your real estate agent. Obtain home loan financing pre-approval before making any offer on a Freddie Mac owned home. Without pre-approval or proof of funds for a cash purchase, your home purchase offer will be rejected.
Work with a lender who is aware and understands any special financing programs Freddie Mac may be offering. With your financing approved you know how much you can afford to offer on a foreclosure homes.
Your pre-approval financing amount will help you sort through the available Freddie Mac homes in your area. With your financing lined up and agent ready to go, you are set to go look at First Look homes when they are listed in your area. Your agent should update you on a regular basis on homes coming available in your area.
Once you have found a home you want to buy, work with the agent to put together an offer and deliver it to the real estate company listing the home. Remember, you have 20 days in most locations to get your offer in under the First Look guidelines.
The listing real estate company can accept your offer, make a counter offer or accept an offer from another buyer. Be prepared to move on for another try if your offer is not accepted. Tim Plaehn has been writing financial, investment and trading articles and blogs since His work has appeared online at Seeking Alpha, Marketwatch.
Plaehn has a bachelor's degree in mathematics from the U. Air Force Academy. Home Owners Insurance. By Tim Plaehn.