H.R.4582 - First Look for Primary Residence Act of 2010111th Congress (2009-2010)
Summary: H.R.4582 — 111th Congress (2009-2010)
Introduced in House (02/03/2010)
First Look for Primary Residence Act of 2010 - Requires the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), the Department of Agriculture (USDA), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) (covered entities) to make certain single-family housing properties they own available for purchase, for a period of at least 15 days, only by a preferred purchaser.
Defines preferred purchaser as: (1) an individual or family who indicates that upon purchase it will occupy the property as the principal residence for at least 90 days; or (2) a state or local governmental agency or other entity that purchases the property using funds made available through one or more specified housing programs.
Prohibits the covered entities, during such period, from soliciting, receiving, considering, negotiating, or accepting any offer to purchase any such property except from a preferred purchaser.
Requires the covered entities to notify real estate brokers and other interested parties in writing of such purchase availability.