Homebuyers and nonprofit agencies looking to buy a primary residence or second home now have a 20-day window to purchase a bank-owned property from Freddie Mac without investor competition.
Freddie Mac’s HomeSteps First Look Initiative took effect for new listings on Dec. 17.
During the HomeSteps First Look period, HomeSteps will only consider offers from buyers who intend to live in the home as owner-occupants or qualified nonprofits engaged in community stabilization efforts.
Some second home purchases are eligible for buyers and agencies to submit offers on, but the purchases of investment or rental properties are disallowed.
Previously, the initiative only lasted 15 days, but the 20-day window supports Freddie Mac and HomeSteps’ mission to stabilize communities by fostering affordable homeownership opportunities.
Meanwhile, in Nevada, the First Look Initiative will continue to offer a 30-day bidding window for buyers who plan to become owner-occupants. The same opportunity exists for qualified nonprofit agencies.
At the end of the third quarter, Freddie Mac’s single-family REO inventory was 47,119. HomeSteps is the real estate sales unit of Mclean, Va.-based Freddie Mac.
“Freddie Mac’s expanded 20-day First Look initiative will give America’s home shoppers more time to find and buy a HomeSteps home,” said Chris Bowden, senior vice president of HomeSteps. “This is especially important for buyers competing for opportunities in markets where home inventories are shrinking. Expanding the HomeSteps First Look Initiative underscores our commitment to managing HomeSteps’ REO inventory in a way that’s good for taxpayers, homebuyers, neighborhoods, and Freddie Mac.”