“HomePath” listings are properties that were foreclosed upon and now owned by Fannie Mae. Fannie Mae (a federally chartered corporation that purchases mortgages) They have thousands of properties in its database, and is known for pricing those listings VERY competitively to sell quickly. Fannie Mae properties typically sell for 10% to 15% less than comparable properties.
Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization by allowing homebuyers to bid on and purchase foreclosed properties before they are made available to investors.
First Look typically occurs the first 15 days a property is listed
Eligible buyers during First Look are owner occupants,* public entities and their partners, and some non profits.
*Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, a vacation/part-time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look.
If you have any questions about Fannie Mae programs, foreclosures, or would like to learn more about the process, please don’t hesitate to email, or call 561-241-7004 at any time.