First Look is the cornerstone of NCST’s Property Acquisition Programs – this national program links U.S. financial institutions (Sellers) to local housing providers (Buyers) in 48 states, covering 3,000 cities. To-date, NCST has conveyed more than 20,000 properties at a discount to local housing providers across the U.S., who rehabilitate homes to improve their communities.
Buyers focused on neighborhood stabilization can purchase foreclosed and abandoned properties prior to the properties being marketed to investors or other buyers. These Buyers have saved more than $179 million to-date by purchasing properties at a discount through our First Look program – savings most often passed forward to their home buyers.
Why First Look?
First Look continues to serve as a critical tool for municipalities and Buyers as it saves these organizations valuable time and resources. The program also allows Sellers to process a foreclosure more quickly and at less expense than a traditional sale, and advances their commitment to community revitalization. A quicker sale lessens the risk of potential vandalism and property value deterioration for both the community and the Sellers.
How the First Look Process Works
Participating Sellers provide us daily property lists which are uploaded to REOMatch. Buyers log-in to REOMatch, review the properties in their strategic revitalization area, develop a rehabilitation plan, conduct a valuation, and let the Seller know which homes they are interested in. Our team is there every step of the way to provide guidance to the Buyers and ensure the entire process works well.
Our community buyers review and purchase foreclosed properties through REOMatch®, our online property transaction portal. For more information about becoming an NCST community buyer, please contact us.