Freddie Mac - First Look Program Questions

[Keerthi A.]

I am planning to bid on a unit as owner occupier under first look program.

I do rent right now, it seems a good way to save some money by moving into REO. I would not have to pay crazy high price or get beat out by other investors.

Last time I bid on a unit in this building, I got beat out by an investor offering 35% above asking price. Numbers do not even make sense at this closing price. There are crazy investors. I offered 9% above the list that too on loan so I had no chance.

I did live in this building before five years ago, I might have to make some scarifice into moving into this REO as I rent in a nicer condo now.

Pros are I can get it at list, get the whole deal financed, preserve cash for other deals. Overall I might save 10-15% easily.

How long do I have to stay to satify the rules. Is it one year?