How many Twin Cities home buyers have been disappointed because they can’t compete with local real estate investors on buying properties? Beaten out by that all cash deal or better structured offer on paper?
I know a lot of buyers that I have worked with over the past year have found themselves coming up short on REO properties. Getting beaten out on the deals by flippers that are in the know of properties that are sold before they even hit the market or right away because of the offer that real estate investors are able to put together.
If you are an owner occupant and not an investor then good news has arrived.
Along Comes Fannie Mae First Look Program
Fannie Mae has announced the release of a program called “First Look” that allows home buyers to have a their purchase agreements looked at first before non-owner occupants (aka investors, flippers, speculators, et al). The time period is 15 days for these offers to be consider before property investors.
The overall goal of is to provide more stabilization to the neighborhood where the property is located. Many feel that investors/flippers bring more blight to the community because they are interested in a turn and burn profit, when they really don’t care who moves into the property or are looking for a quick profit. Having an owner occupant can sometimes mean more stability than a renter.
You can find a list of Fannie Mae owned properties in Minnesota at Homepath.com.
