I'm growing really tired of the Fannie Mae deed restrictions and rekey fees. Is there any way around them?
I made an offer on a FNMA REO and we negotiated back and forth. In each one of my counters I had "no deed restrictions and buyer will rekey at his own expense". Each of their counters that part of my counter was removed. Eventually we reached a price agreement. I countered it once again and INCREASED the price and again added in the language of "no deed restrictions and buyer will rekey at his own expense". Just today I found out from the listing agent that my offer was rejected since they can't remove standard language from the addendums.
This proves to me that the deed restrictions and rekey fees are more important than what they net. Why do they really care if we resell the properties for a profit? And why do they find it prudent to charge $150 for a cheap set of used locks?
This really makes no sense and gets me hot under the collar.
Anyone have any tips or tricks on how to get those off the addendums?