Real Estate Question?

M

MrsB

Pursuit Driver
When a house is just listed, and it says "Freddie Mac First Look, expires 2/25" what does that mean?

TIA!
 
Haven't seen that one. Hopefully Winchester will be along in a bit to answer your question.
 
It gives homeowners who pledge to live in the home as their primary residence 15 days to purchase the home without investor competition. If a listing says "Freddie Mac First Look, expires 2/25", that means it was first listed on 2/10, and investors may not purchase the home until 2/25.
 
LOL, someone unplugged my bat phone.

LTD is correct. Owner/Occupants get first crack at submitting a bid or offer. Fannie and Freddie is 15 days I think, HUD is 30 days. Sometimes there is a hold period where they will accept offers and the review all offers on a set time period, then the best offer (for them) is taken.

Offers usually have to be submitted by a real estate agent with access to the proper forms/contracts. (story for another time)

I want to encourage ANYONE looking to purchase a home, if you plan to finance, get your mortgage in place first BEFORE looking at any houses. A letter from a lender showing you have been approved it required now on almost all listings. In the time it takes to get this letter, you could loose your chance to place an offer.

Good properties are going in HOURS, not days or weeks (or months) anymore. Four weeks ago I had a client email me with a new listing that just went into the system within the hour, 30 minutes we were at the property and writing an offer within 3 hours of it going on the market. With a record low number of available properties right now, they are going quickly!
 
Thank you both!!! This house was just listed today, and we are going to look at it tomorrow with our agent. We have been pre approved and have the down payment. This house is amazing... On the Internet. I did figure out it is a foreclosure.

With this being a Freddie Mac house, is that a bad thing?
 
Well, since you mentioned you have an agent, I have to shut up now. It's an ethic's thang since I'm a REALTOR(tm) and against license law for agents who are not a REALTOR(tm). Sorry, but these are questions best asked to your agent. And could cause me to loose my license if I say any more. :(

Good luck to you and Happy House Hunting!
 
I understand! I did not realize that. I will not ask anymore questions, lol.

I do appreciate your help!!!
 
I don't mind helping, GD can verify that I love to talk bidness, it's that I cain't when there is another agent involved.
 
I totally understand! We talked to her about it tonight. This house already has offers on it. It's a foreclosure, and we couldn't believe the excellent condition it is in. It's not in the area we want, but the yard is huge, and has a super sweet finished basement. But, it wasn't exactly what we want. However, I doubt this house will be on the market long.
 
lotstodo said:
It gives homeowners who pledge to live in the home as their primary residence 15 days to purchase the home without investor competition. If a listing says "Freddie Mac First Look, expires 2/25", that means it was first listed on 2/10, and investors may not purchase the home until 2/25.
Click to expand...

Is there ANYTHING you don't know?! :p
 
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