In an announcement from Fannie Mae the First Look™ period will be extended to twenty days. This allows additional time for owner-occupants (private home buyers) and public entities to submit an offer on a HomePath property without competition from investors. The change is effective for properties listed on or after January 2, 2014.
First Look is the program allowing private home buyers to bid on property that is owned or managed by Fannie Mae without competition from investors. In many cases, this means that offers from private homeowners will be accepted on Fannie Mae properties much less than what could be "market value" if investors where involved.
To bid on property that is listed with Fannie Mae, call Morris Hagerman from Real Estate One or your own real estate professional. Hagerman can arrange for a full list of properties that are currently on the market be sent via email. Also, using Real Estate One's preoitorial "First to Know" program, new properties that come on the market can be sent on the first day. This allows the maximum amount of time to evaluate the property and consider making an offer.
Fannie Mae properties can be found in all parts of town. Meaning there is sure to be properties in areas that a private residential home buyer is interested in. This program is in place because Fannie Mae believes that these properties offered to private home buyers contributes to neighborhood stabilization and reduces taxpayer losses.
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
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