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Fannie Tells Investors To Take A Back Seat To Owner-Occupant Home Buyers
December 1st, 2009 categories: Buying
One of the most frustrating parts of this real estate market for many first-time and even some move-up buyers in the Benicia-Vallejo and Solano County market area this year has been having to compete for homes with well-heeled all-cash investors.
Well some of that may soon start to change, at least if a recent program by Fannie Mae takes off and spreads to other segments of the foreclosed property resale market.
That new program, which Fannie has dubbed “First Look,” will give owner-occupant buyers “first dibs” on all Fannie Mae-owned homes for the first 15 days that it’s on the market.
Investors and other non-owner-occupant buyers won’t be allowed to submit offers until after that 15-day waiting period has elapsed, which should enable most of these homes to already be under contract with someone planning to live there well before investors ever have an opportunity to make an offer.
Right now Fannie Mae’s web site lists 123 Fannie Mae-owned properties in Solano County, including 37 in Vallejo, 27 in Fairfield, 27 in Vacaville, 15 in Suisun City and 7 in Benicia.
The new program was just announced last week and is designed to help stabilize neighborhoods that have seen hard hit by foreclosures.
RECENT POSTS
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- The Tax Credit Clock Is Ticking For First-Time Buyers
- Will New FHA Appraisal Rules Mean More Headaches?
- Are Home Prices Finally Heading North?
- Are Short Sales Really Selling In Solano County?
- Are We In An Artificial Boom Market?
- Is Better To Pay Points Or Take A Higher Interest Rate?
MARKET UPDATES
- Monthly Solano Real Estate Report — Oct. ‘09
- 3rd Qtr Solano County Home Sale Statistics
- 2nd Qtr Solano County Home Sale Statistics
- Monthly Solano Real Estate Report – Sept. ‘09
- Monthly Solano Real Estate Report – Aug ‘09
- Benicia & Vallejo Home Sales Report — Sept. ‘09
- Benicia & Vallejo Home Sales Report — Aug ‘09
- See All Archived Market Updates
