Beginning May 3, Fannie Mae (FNM) will extend the waiting time investors in Nevada must wait before offering a bid on an REO property from 15 days to 30, according to a Las Vegas broker. In November 2008, Fannie launched the First Look initiative to give owner-occupants and buyers using public funds a head start on obtaining the properties. Terry Edwards, the executive vice president for credit portfolio management said at the time, the program gives those who are committed to the community an early opportunity to purchase a Fannie Mae-owned home. The Las Vegas broker said the goal of the business is to turn these properties around as quickly as possible and starting May 3, it would be more difficult. The Las Vegas Review-Journal also reported the change. “We will have our properties vacant longer, because we’ll just have them in inventory longer. That exposes us to that many more problems, because the longer I have a property sitting there without someone living in it, the more chances of something happening to it,” the broker said. Fannie Mae declined to comment. Write to Jon Prior. Disclosure: the author holds no relevant investments.
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