What Are First Look Programs and How Do They Work?

Understanding First Look Programs

First Look programs provide eligible buyers, typically owner-occupants, with an exclusive opportunity to bid on select bank-owned (REO) properties before they are made available to all buyers. These programs are intended to encourage owner-occupant homeownership by prioritizing buyers who intend to use the property as their primary residence.

In California, a specific First Look program offers exclusive access to certain REO properties for qualified buyers. Eligible participants include:

• California-based owner-occupants

• California-based nonprofit organizations

• Governmental entities

• California-based community land trusts

• California-based limited equity housing cooperatives

• The Regents of the University of California

How Do First Look Program Auctions Work on Xome?

During a designated First Look period, eligible buyers can submit offers before the properties are made available to all buyers. Buyers can browse and bid on eligible properties directly through Xome.com. These listings are exclusively available as part of First Look programs for a limited time before being made available to all buyers.

Xome.com provides a range of tools to support buyers throughout the process, including:

• Advanced search filters tailored for First Look listings

• Detailed property descriptions and photo galleries

• Neighborhood demographics and local market trends

Once a buyer identifies a property that meets their needs, they can place a bid within the specified First Look auction period.