Fannie and Freddie Give First Time Buyers 20 Days
There are many different types of ownership out there on Ohio's real estate market. Bank owned-REO-foreclosures, HUD homes, traditional sales, new construction all have some similarities, however, the way your Realtor places an offer or bid for you varies. Fannie and Freddie Mac, similar to HUD Homes have a period open only to owner occupants and then if no satisfactory offers come in, the bidding is opened to investors. Fannie Mae and Freddie Mac have now expanded to 20 days the window during which non-profits and home-buyers who plan to be owner-occupants can take a "First Look" and bid on foreclosed homes without competition from investors. The First Look window had previously been 15 days, except in Nevada, where a lengthier 30-day First Look window remains in place.
Home buyers shopping for homes in Fannie Mae's "real estate owned" (REO) inventory and for Freddie Mac REO's can see which properties are still restricted to First Look bidders. REO (real estate owned) simply means foreclosures. And while you can search their independent websites, you'll also find them here or on any real estate brokerage site with MLS feeds. Many buyers mistakenly believe that a Fannie, Freddie or HUD home is somehow a better deal than the others, and simply not true. One day a HUD home might be the best deal for your budget, location and requirements, the next it could be a Fannie Mae. The "First Look" advantage simply helps buyers with more homes, providing extra time without competing with investors who's cash coffers can run fairly deep.
You may want to read my blog post "HUD vs. Foreclosure; Which is Better?" to increase your understanding.
Different types of home ownership may offer small incentives, and very often cities or counties offer grants to first time buyers. Just check with your professional buyers' agent (your Realtor) and inquire what's currently available. It's easy enough to check into these things for local Realtors. To have the greatest number of likely options, simply look for homes in your price range that fit your location and needs and don't place a lot of weight on the type of ownership. To protect your interests and your pocket book, us a competent and reputable Realtor.