Fannie Mae properties are a lot different than other REO or bank foreclosures. Just one of the differences is the First Look program – the first 15 days a property is listed for sale (or listed on HomePath.com), they will only respond to offers from “owner occupants and those using public funds.”
This affects Big Bear home buyers as nearly 80% of them are second home buyers. While they can still submit their offers at anytime, they will have to wait until the 15 days expires in order to get a response from Fannie Mae.
How can you tell for sure of when the 15 days is going to expire? HomePath.com is the official source. Check out the video below for more details on First Look, and how you can tell how much time is left in the First Look period.