Quoted in today's San Francisco Chronicle about the Fannie Mae, Freddie Mac, and HUD "First Look" and "Priority Listing Periods" for owner occupant home buyers...

A client and I were quoted in today's San Francisco Chronicle. The article was on the front page of the business section and was about the Fannie Mae and Freddie Mac "First Look" period and HUD's "Priority Listing Period." If you have never heard of these programs, you aren't alone.

The "First Look" and "Priority Listing Programs" are in place to allow owner-occupant home buyers (folks looking to buy a primary residence) the first crack at purchasing certain bank repo foreclosure homes that are being sold by Fannie Mae, Freddie Mac, or HUD. For Fannie Mae and Freddie Mac homes -- owner occupants get the first shot at making offers on homes for the first 15 days a home is listed. That time clock restarts if there is a price reduction. Investor offers are not considered during that time. With HUD properties (FHA loans that were foreclosed), generally their "Priority Listing Period" is for the first 30 days.

In today's competitive market, many buyers are frequently outbid by all cash investors. These listings present a good opportunity for buyers to have an edge over investors during their home purchase. You can search for these home listings specifically in Sacramento (or other areas) here or on my website:

HUD Listings -- http://www.hudhomestore.com
Fannie Mae -- http://www.homepath.com
Freddie Mac -- http://www.homesteps.com

Keep in mind that your agent must be registered with HUD, Fannie Mae and Freddie Mac to make offers on these homes. I am registered...and in fact my client quoted in the article was able to make an offer on a HUD 4 bedroom, 2 bathroom, 1,851sf West Sacramento home that was accepted during this initial period. Keep in mind there are several nuances involved in working with these entities and you will need an experienced agent AND lender to navigate them with you.