What Is The Freddie Mac HomeSteps First Look Program
It is an initiative that allows an owner occupant purchaser the first option to purchase Freddie Mac owned properties—along with select non-profits—an exclusive opportunity to purchase
HomeSteps homes prior to competition from investors—through the Freddie Mac
First Look Initiative program.
The First Look Program is an on-going initiative that offers owner occupant homebuyers, Neighborhood
Stabilization Program (NSP) grantees and non-profits engaged in community stabilization
efforts the ability to purchase HomeSteps homes during their initial 15 days of listing without competition
The initiative supports Freddie
Mac’s mission to stabilize communities and support housing recovery through the
creation of affordable home-ownership opportunities in many communities across the United States.
How You Can Benefit From The Initiative If You Are An Owner/Occupant Purchaser?
first 15 days a home is listed for sale in the Multiple Listing Service (MLS),
HomeSteps will consider purchase offers from owner-occupants, public entities
or their designated partners or non-profits only.
Those who intend to purchase the property
for investment, may submit offers to the listing broker and HomeSteps will
consider them after the initial 15 listing days have expired!
This assumes the
house hasn’t sold during the initial 15 day owner/occupancy period. Keep in mind that many sell during the first 15 days—particularly those that show well.
All HomeSteps homes—listed on or after
September 17, 2010, are eligible for inclusion in the Freddie Mac First Look Initiative program.
As a homebuyer you will know
if a home is included in the program based on marketing that can be found on the property—or you may contact your selling agent or the
listing broker with questions about the eligibility of a home.
information is also normally included in MLS listing information.
How can a homebuyer
determine the number of days the home has left under the initiative?
Buyers must have their broker check MLS
or contact the listing broker to determine how many days are left.
As a buyer—you must prove
that you are buying the home as your primary residence! As a buyer—you and your selling agent must
sign an affidavit affirming that you will occupy the home as your
If you—or other parties fraudulently sign the affidavit you may be subject
to criminal or civil liability.
Multiple offers received during the 15-day
initiative time period are processed in the same manner as a normal transaction
using the multiple offers procedure.
Second home purchasers do not qualify for
the Freddie Mac First Look Initiative—however their contract would be considered if the property does not sell during the 15 day first look period—in the same manner as the rules for
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The above article was written by Thomas (TJ) Underwood. Thomas (TJ) Underwood is a former fee-only financial planner, a former top producing loan processor and is currently a licensed real estate broker in the state of Georgia.
He is the writer behind The Real Estate & Finance 360 Degrees Series of Books that include The Wealth
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