Freddie Mac Bars Investors From Early Listings

real estate investingFreddie Mac wants to slow down investors in favor of homeownership in neighborhoods hard hit by foreclosures.It announced this week that it is expanding the “First Look Initiative” so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors.

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. Fredddie Mac’s mission is to stabilize communities and foster affordable homeownership opportunities by giving homebuyers 15 days to buy a HomeSteps home as their primary residence without investor competition.In Nevada, the Freddie Mac First Look Initiative offers buyers who plan to become owner-occupants a 30-day window to shop without investor competition.

Investment, vacation or second home purchasers are ineligible for the Freddie Mac First Look Initiative.

This latest initiative builds on the national First Look effort the U.S. Department of Housing and Urban Development and National Community Stabilization Trust (NCST) launched on September 1, 2010 to provide an exclusive 12-day window to owner-occupant buyers working with Neighborhood Stabilization Programs (NSP) grantees non-profits working with NCST. The Freddie Mac First Look Initiative will provide a 15-day window to buyers working with NSP and NCST affiliated groups.

“Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac’s commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars,” according to Chris Bowden, Vice President, HomeSteps.

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