Fannie Mae REO Shocker
I went to put an offer on a Fannie Mae REO, and I had to sign a disclosure that I understand that there will be deed restriction that I cannot sell the property for 90 days for more than 120% of the purchase price! :shock: I also cannot get a loan for over a certain amount of the purchase price either (the exact restriction for that part wasn't filled in yet). This restriction will be written into the actual deed that I receive and will run with the property for the restricted time period.
I was shocked. I dropped my offer from 26K to 18K. :D
The property needs quite a bit of work, and I think its crazy that a quasi-government entity is going to start dictating what properties can be resold for.