Investor Report: REO Listings
by Kenneth R. Harney/Realty Times
Fannie Mae calls its latest REO home sales program "First Look," but investors might want to call it "Second Look."
That's because the "first look" at all of Fannie's new REO listings, starting this month, will now go to home buyers who plan to occupy the units they purchase, or to local public agencies participating in "neighborhood stabilization" or community development programs.
When Fannie lists one of its tens of thousands of foreclosed and repossessed houses for sale through a participating real estate broker, investors will be barred from submitting bids for the first fifteen days.
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