Buying a foreclosure as an investment do people who are buying as primary get the first two weeks to put in offer before I can?

I was told as I was going to put an offer in on a foreclosure that I was planning on using as a part time rental that I have to wait till after the first two weeks that the foreclosure was on the market before I could have my offer even looked at. That people who were buying as their primary residence get that time to submit their offers. Just wondering the details of this.
(0) | asked by: Aleigh Kramer | share | 20 months ago | Report
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answer by Janet Moore    |   Contact Me
Yes, if it is a Fannie Mae or Freddie Mac, they will give preference to primary residence.
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18 months ago  |   Report   |   share
answer by CAROLYN GIANDONATO    |   Visit My Website   |   Contact Me
Absolutely. If it is a Fannie Mae / Freddie Mac foreclosure, they allow primary residents the first shot. If it is a HUD home, primary residents get 30 days. I see people claim to be buying for their own use and never move into it. It is fraud for sure, but how do they get caught???
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answer by Kevin Strawter    |   Visit My Website   |   Contact Me
Generally Fannie Mae loans give preference to primary residency. What site are you referring to?
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answer by Alma Kee    |   Contact Me
Freddie Mac also allows a buyer of a second home to be considered durimg the first look period. HUD owned foreclosures may have a 30 day period or as little as 3 days for properties not eligible for a 203k renovation mortgage. I wouldn't recommend wasting your time looking at these properties until it's a day or two before the restriction is lifted. Fannie Mae & Freddie Mac may accept an offer the first day on the market so no need to see those right away.
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answer by Sherry Stevens    |   Contact Me
Fannie and Freddie allow a time period initially. However, most do not require this waiting period.
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answer by Jeff Copeland    |   Visit My Website   |   Contact Me
This is very common, particularly with HUD and Fannie Mae foreclosures. Google "Fannie Mae First Look Period" for typical details. Some commercial banks have similar rules as well.
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answer by Robert Lugo    |   Contact Me
That is the case with some foreclosure properties if it states that there is a first look period. You can submit your offer but it wouldn't be considered until after the first look period. I recommend that you submit it sooner rather than later, this way at least your offer will already be in.
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answer by Alma Kee    |   Contact Me
Yes many bank owned will restrict sales to owner occupant buyers.
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