Freddie Mac Foreclosure Question

[Ron Healy]

Hi BP Nation!

I am very interested in a foreclosed SFR that just came on the MLS that is owned by Freddie Mac. I attempted to place a cash offer for purchase, but the seller's agent said they are only taking owner-occupant offers for the first 20 days. This is my first foreclosure purchase (I hope!) and I have to admit that I'm perplexed. Does anyone have any idea where this rule comes from? Why does Freddie Mac care and how would they know whether the purchaser intended to occupy or rent the property? Are they looking to re-finance it rather than have a cash purchase?

Inquiring minds want to know!