How does the First Look program work?

[Matthew Porcaro]

I'm currently looking at a Fannie Mae foreclosure property that would be a good first buy for me. Looking to rehab/house hack a duplex in my area. The property is currently in the "First Look" phase for 5 more days. I unfortunately won't be able to get into it until Monday, which would be the last day of the First Look.

I'm wondering, say come Monday, I check out the property and it looks good and I offer full ask on the spot, can the bank just wait until the next day to see how many investors/other buyers offer on it?

Any suggestions on how I could handle a situation like this to ensure I have a good chance at snagging this?

Thanks!

[Matthew Porcaro]

@Jonna Weber I do now. It's funny how one little action step can sling shot you into a process. In less than 24 hours I got an agent, pre-approved for a mortgage, and potentially making an offer on it this weekend. 

Trying to manage it as best as possible to ensure I don't miss out any steps. This is extremely exciting yet scary.