What does Preamble of First Look for First-time Homebuyers Act of 2026 do?

This bill, formally titled 'To strengthen and standardize ``first look'' protections for covered properties to ensure first-time homebuyers have priority access to foreclosed homes, and for other purposes,' aims to strengthen and standardize 'first look' protections for covered properties. The bill intends to ensure first-time homebuyers have priority access to foreclosed homes.

What does SHORT TITLE. of First Look for First-time Homebuyers Act of 2026 do?

This bill is formally titled the First Look for First-time Homebuyers Act of 2026.

What does FIRST LOOK PROTECTIONS FOR FIRST-TIME HOMEBUYERS. of First Look for First-time Homebuyers Act of 2026 do?

This section establishes 'First Look Protections for First-Time Homebuyers'. Covered entities must offer covered properties exclusively to first-time homebuyers for a 15-day period beginning when the property is listed for sale. During this 15-day period, properties must be offered at fair market value, determined by an independent appraisal or broker price opinion. Covered entities may extend the 15-day period to increase the likelihood of a first-time homebuyer purchase. Properties must be listed on a publicly accessible website identifying them as available only to first-time homebuyers. Covered entities are prohibited from bundling covered properties during the 15-day period. Covered entities must submit reports to Congress detailing offers, sales, pricing methodologies, and sale price ratios. Inspectors General of covered entities must annually review sales and submit reports to Congress, which must be publicly published. Covered entities must issue rules within one year of enactment to verify first-time homebuyer eligibility. The section defines 'covered property' as single-family residential property owned or foreclosed upon by a covered entity, excluding properties under the 'Good Neighbor Next Door Program'.

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First Look for First-time Homebuyers Act of 2026

Last updated: 3/3/2026 · Introduced: 3/3/2026

Author: Tom Barrett (R-MI)

TL;DR (AI)

The bill establishes a 15-day 'first look' period where covered properties (single-family homes owned or foreclosed upon by covered entities, excluding those in the 'Good Neighbor Next Door Program') must be exclusively offered to first-time homebuyers at fair market value.
During this period, properties must be listed on a public website, and covered entities are prohibited from bundling properties, while also required to submit detailed reports to Congress regarding offers and sales.
Covered entities must establish eligibility verification rules for first-time homebuyers within one year of the bill's enactment.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 1 more.

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