I recently made an offer on a Fannie Mae foreclosed home, the listing agent called me back and was excited about my offer.
But, she kept going on and on about how many repairs it needed… And I kept telling her, making repairs to the house was not a problem. The cash buyer I work with doesn't mind doing rehabs, especially when it's a good deal.
That ARV was around $221, 000 and the asking price was $124,000â¦ I made an offer at $95,000 cash, she called me back almost immediately.
Then she started asking is it going in my name, I told her… Ultimately, it will go into a company name.
I told her the contract will go in my name, but… The title will ultimately go into the company name.
She started asking a few more questions, I've already forgotten what these questions were.
I eventually told her I was a wholesale investor.
I told her we would be doing a double closing.
Her response is the reason why I forgot all other questions.
"Fannie Mae won't allow that, I've been doing this over 20 years… They won't allow that."
I am just going to move on, but… I figured I would get feedback from you nice people about this.
It almost seems like she wanted the place for herself, not wanting to sell or make the offer.
Whatever, onto the next…
FNMA has a 30 day no transfer at all deed restriction, and a 90 day no transfer/encumber for more than 120% of purchase price. The agent was correct.
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