Ever wonder what “First Look” really means when you’re scrolling through HomeSteps listings? Think of it as a 20-day (30 days in Nevada, Cook County IL, and Detroit) head start for owner-occupants and qualifying nonprofits. Only after that window do investors even get a chance at the same property. Freddie Mac set this up so families have a fair shot at buying foreclosed homes without getting outbid by cash-rich investors.
In other words, a First Look property is just a HomeSteps listing in its exclusive owner-occupant phase. If you plan to live in the house yourself—or you’re a nonprofit working on neighborhood stabilization—you get first dibs before investors can even blink. Once the First Look window closes, the property opens up to everyone and enters the regular HomeSteps sales process.
How to Submit an Offer During First Look
- Confirm eligibility. Owner-occupants must promise to move in within 60 days of closing; nonprofits need to show they’re doing community-stabilization work. You’ll handle this in the HomeSteps portal under “Buyer Certification.”
- Get pre-approved. HomeSteps doesn’t lend money directly, so bring a pre-approval letter from a lender that meets Freddie Mac’s Selling Guide (most conventional lenders fit the bill). At least one borrower needs a minimum credit score of 660.
- Find the listing. Head to HomeSteps.com, filter for “First Look,” and jot down the exact end date in the property details. Properties in Nevada, Cook County IL, and Detroit have a 30-day window.
- Run the comps. Use your agent’s CMA or HomeSteps’ built-in pricing tool to check if the asking price makes sense. Freddie Mac actually encourages reasonable low offers if the inspection turns up problems.
- Submit the offer package. In the portal, upload:
- Signed Buyer Certification
- Pre-approval letter
- Proof of funds for earnest money
- Any state-mandated addenda
- Wait the clock. HomeSteps has 72 business hours to reply. If they counter, you’ve got 48 hours to accept or walk away; if they accept outright, you’re officially under contract.
- Inspect and close. You get 15 days after acceptance for due diligence. After closing, you must move in within 60 days and stay put for at least 12 months.
What If Your Offer Didn’t Work? Three Other Ways to Buy
- Regular HomeSteps listing (post-First Look). If your First Look bid didn’t land, you can still throw your hat in the ring once the property hits the open market. Investors will be in the mix now, so speed matters.
- Work with a nonprofit buyer’s agent. Some nonprofits team up with housing counselors who know Freddie Mac’s programs inside and out. They often spot First Look opportunities that never make it to the public feed.
- Check HUD’s First Look for FHA-owned homes. Fannie Mae’s sister program also runs a 20-day First Look window. If Freddie Mac’s listings didn’t pan out, swing by HUDHomeStore.com to see FHA-owned properties in the same area.
How to Avoid Missing Your Next Chance
Update your Buyer Certification and pre-approval so you can upload them in minutes the second a First Look listing pops up. Set keyword alerts on HomeSteps.com and on Realtor.com’s Foreclosure tab so the listing lands in your inbox the moment it goes live.
Find an agent who closes REO deals every week; they’ll know the portal quirks and can catch software glitches before you hit submit. Oh, and keep an inspector’s number handy—many First Look homes need work, and a solid report back in 48 hours keeps you from waiving contingencies you can’t afford to skip.
