Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
Sorry if this has already been discussed, but I stopped making offers for about 6 weeks (too much irrational exuberance around the tax credit), and started making offers again this week...
I made three offers on Fannie Mae properties, and had expected to get at least one or two of them (they were near full priced offers).
To my surprise, two agents called me today to explain that, as of a couple weeks ago, Fannie Mae now has a "no investor" period for 15 days after an REO goes on the market. During this time, only owner occupants are considered to put the property under contract.
Hadn't heard about this anywhere else, and I don't know if this is all FNMA properties, or just a select few...
If anyone has any further details, would love to hear 'em...
I guess they take the cue from HUD which has ten days owner /occupied policy. Here my take. Most home-buyers don't have much imagination (Sorry home buyers...) and cannot see the potential. Most of those people are looking for "ready to live in" homes. Aside from that, if they are not qualified for FHA loan, they won't be looking into homes that are less than $40-50K because no lender of a conventional would lend less than that.
Also, in many place in the country November to February are the slowest period for home buyers in most part of the country. (winter, school year, etc)
I think that the crazy period of the summer combined with the incentives is dieing down.
Sorry if this has already been discussed, but I stopped making offers for about 6 weeks (too much irrational exuberance around the tax credit), and started making offers again this week...
I made three offers on Fannie Mae properties, and had expected to get at least one or two of them (they were near full priced offers).
To my surprise, two agents called me today to explain that, as of a couple weeks ago, Fannie Mae now has a "no investor" period for 15 days after an REO goes on the market. During this time, only owner occupants are considered to put the property under contract.
Hadn't heard about this anywhere else, and I don't know if this is all FNMA properties, or just a select few...
If anyone has any further details, would love to hear 'em...
This is pretty standard, 15 days on market before investor offers can be seen, and the deed restriction.