An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Covered property

Any single-family home (1 to 4 units) that is owned, has been foreclosed upon, or is being sold by a federal agency listed in this bill.

Covered entity

Specific federal agencies responsible for housing and mortgages, including the Federal Housing Administration, Fannie Mae, Freddie Mac, the Federal Housing Finance Agency, and the Department of Agriculture.

Qualified first look buyer

An individual planning to live in the home, a certified nonprofit housing organization, a local government, or a community land trust.

Institutional investor

Any organization (like a corporation, trust, or partnership) that buys properties to rent out, resell, or for investment purposes, rather than for primary residence.

Fair market value

The price a property would sell for on the open market when both buyer and seller are willing and well-informed, typically determined by a professional appraisal.

Broker price opinion

An estimate of a property's value provided by a real estate broker or agent, often used in foreclosure situations as an alternative to a full appraisal.