Guess what the first thing everyone request to look at when looking for a cabin in the mountains. FORECLOSURES! Purchasing foreclosures are no longer as easy as they once where.  While fannie mae and freddie mac have good intentions with their new guidelines, there is a huge problem with this 14 day first look process that has been put into action.  The north Georgia mountain market is made up primarily of log cabins and secondary homes.  You say "no big deal we will wait for that to be over and then buy the cabin" No such luck even if you want to relocate and make your full time residence in some instances.  The first look period is where first time home buyers or people wanting to use the property as a permanent residence have first shot at the house.  Investors and second home buyers are not allowed to get in on the action!  Here is the issue even if you are going to make this your primary home.  You cannot own the home you live in at the time of offer, if you do live in your home you must be upgrading, and the biggest way for them to not accept you offer is if you are paying with CASH. Bizaar I know! I recently just submitted an offer 20% over asking price for a client that was moving to the area.  He owned his home an was retiring to his "fish camp" but was not able to purchase because he was down sizing. He offered to close the deal in two weeks.  Fannie make took another offer and the deal still has not closed but yet they need more bail out money.  There are still some great opportunities out there.  Be patient and work with an agent that can explain the process and has the patience to make it work.  If you have the patience, you are in a potentail spot to be in a great equity position in five years.