“Hey Gary do you have offers from investors? Can I write an offer now, though I know it is only day 12 out of 15?”
Answer:
Let me explain the context: this is an agent asking if she can write an offer for an investor on a Fannie Mae-owned property that has been listed for 12 days.
Fannie Mae has what they call a “First Look Period” during the first 15 days a foreclosed home is listed.
During that First Look Period, they will only consider offers from owner-occupant homebuyers or non-profit groups. They automatically reject investor offers during the First Look period, no matter how high they are.
Remember, this only applies to Fannie Mae-owned foreclosures. I would estimate that this is about 10% of foreclosed San Diego homes.
