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.