Washington, DC – February 3, 2010 – (RealEstateRama) — Today, Congressman Joe Baca (D-Rialto) introduced legislation to give certain preferences to individuals and families committed to rebuilding communities when purchasing government owned residential property. The First Look at Primary Residence Act requires the federal government, and Fannie Mae and Freddie Mac, to consider purchase offers from only those who plan to use the property as their primary residence for the first 15 days that the properties are listed. After that time period, the seller is allowed to consider any offer.
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