21 Day Marketing Period Offer Form

[Costa Deir]

My wife and I found a property that had a Freddie Mac ‘20 day first look initiative’, where only those who intend to make the property their primary residence can make offer within the first 20 days - no investors. After we made our offer and showed proof of funds, we were then sent another document to sign that was titled ‘21 Day Marketing Period Offer Form’. I was explained to by the agent, and it sounds like, this next form ultimately wipes out the “First Look” advantage to non-investors. Basically, the seller is only accepting “highest and best” and will review on Day 21, which will put them into the space where investors can begin bidding. Does anyone have more experience with these two clauses, or can you possibly explain it in a way that makes sense? Thanks for the help!