Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days.
Within the first 15 days, only bids from buyers who will occupy the home as their primary residence will be accepted. Buyers may be pleased about the change since they will not have to compete against investors for Fannie Mae REO properties. Investors often submit cash offers to the bank and make it difficult for other buyers, especially first time home buyers to compete.
Patricia Beck – Selling Colorado Springs Homes