Property off-limits to investors?

[Tim Carter]

Hey everyone, I am new to BP and REI and I am still in the process of filling out my profile (88%). I didn't intend to start asking questions until that was done and introduced myself properly, but I ran into something today I thought someone could help me out with quick.

I am very interested in a property that I have been out to take a look at, but it was on Sunday and an agent wasn't available to let me in. I've been trying to get a hold of an agent to show the place since then (two days ago). I spoke with an agent today, but he told me it wasn't available to investors for some reason. I think he said it was a Freddie Mac regulation of some kind. I told him I was coming in with all cash, but he still told me it had to be my primary residence and I couldn't resell it for a year. I was a bit caught off guard at that point, but he didn't have any ideas for me on how to get around that. I wanted to check if the agent was crazy or if this is a common thing that I will be encountering as I continue my search for deals. What is this all about? Is my money not green enough?

Thanks a bunch for your help! I'm sure this is an easy one for all you gurus out there.

[Tim Carter]

Just wanted to add a quick reply to this thread. I spoke with a different agent (from another agency) and he looked into it for me. It was indeed a Fannie Mae First Look property, as Tom McLamore above suspected, only the information the first agent was feeding me was already 2 months old. The restriction had been lifted many weeks before I made my inquiry! I waited for the next scheduled price reduction from the bank, put in my offer the same day, they countered, and I accepted. Closed August 6th. I do most of the repairs myself so I'm still working on it.