Fannie Mae First look question.

[Brad Gibson]

So this might be a dumb question but I found a hot deal on the MLS and it has the Fannie Mae first look contingency for ppl looking to occupy the home. Is there any way around this for a investor? I am confident this will be gone in two weeks when the first look deadline expires. Thanks

[Nick Lee]

Bradley, no such thing as a dumb question.  

I thought that for a long time and I believe it held me back.

You can only buy if you intend to live in the property,in the first look period. I am certain of this. It's to encourage home ownership.

I was in a similar situation a few months back. I was certain it would go first. If I was you I would prepare yourself as if it will still be available. Take a look,get a contractor in to give you a quote on the property and do your due dillige ready. Speak to the realtor and have your offer ready to go. The second it's available,put your offer in.  All this will cost you nothing. If it goes ,it goes.  Consider it all part of the game.

For me the property I wanted went after the first look period and for a bit more than listed for.  So I would thing about how much it is worth to you and base your offer on that.

Good luck, let me know how it goes

Nick