Fannie Mae REOs

[J Scott]

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...