FANNIE AND FREDDIE. Important for first-time home buyers who are competing with investors with deep pockets. The first-time home buyer has 20 days to look and make an offer on one of the 2 lenders’ FORECLOSURES as it goes on the market. Just have to MOVE QUICKLY and remember both Fannie Mae and Freddie Mac want a pre-approval letter from the buyers’ lender BEFORE the offer can be submitted and needs to be fairly recent.