Hey Kris, the site De Freddie Mac says that you must sign an affidavit from the buyer that confirms that the buyer will occupy the house as a residence. Parties who fraudulently sign the affidavit may be held criminally or civilly liable. If I was beaten on a beautiful FM field by an “O/O” and saw the house renovated and for sale 2 months later, you can be sure that I will send an email to the corresponding agency to review it. I`m pretty sure there are others near you who would do the same thing, 😉 Thanks for the return to everyone, don`t worry, I`m too Canadian to break the rules (moved from Alberta to NJ 7 years ago), just curious if I was the only one at 😉 He followed. I really hate this policy and I think it is very hostile to small businesses. But I would absolutely not recommend trying to get around them. I guess it would be a federal offence to do that. For your information, we buy it to live / rent, because it is a duplex. www.homesteps.com/homesteps/homebuyer/firstlook.html The reason I`m asking is that I recently visited an FMFL property here in NJ, and while I passed my contractor over to estimate the cost of rehabilitation, he asked the same questions. The property now has an offer inside (probably from an owner/user), but I`m curious about whether I should do otherwise for future possibilities. My wife and I just signed this contract. I believe the wording was a fine of $10,000 or 20% of the sale price, which was always bigger when it was sold in the first year and was not occupied by the owner.
. Check the criminal recording on it and you may not want to read it as flips. Brief question about the features of the Freddie Mac First Look initiative. How seriously do they take not allowing offers from investors at first glance? How is it monitored and what are the effects of an investor who says he buys to occupy, then turns around and returns it ?. . .