Fannie Mae - The New Private Homebuyer Repo Depot

Fannie Mae has instituted a new REO (Real Estate-Owned) home sales program called “First Look.” This program bars investors from bidding on these properties for the first 15 days, thus granting home buyers who plan to personally occupy the home a “First Look.” Fannie Mae controls thousands of these REO properties, which are repossessed houses that Fannie sells through real estate brokers.

Although this new “First Look” policy is unfavorable to investors, Fannie Mae does not have much of a choice in the matter, as it is completely federally controlled. The program works hand-in-hand with President Obama’s promotion of home ownership.

Investors will not be left out in the cold; however, as many financing options are still available to investors, such as low down payments and no appraisal fees. For more information, read the article in full at: http://realtytimes.com/rtpages/20091204_investorreport.htm.