REO with Fannie Mae Restriced to Sell
I've heard of REO properties purchased by Owner Occupants to be restricted to sell their properties for no more than 120% purchase price for the first 6 or 12 months from time of deed date. But to restrict to non owner occupant for 3 months and 120% is crazy!
I sent my 10% EM to their 3rd party today, signed their addendum, and found that to be included. I figured we can list the property at Month 2 as it would/may take a new buyer up to 1 month to close and or we can add in their contract contingency to said date if need be as a buffer, but now I can be certain that holding costs will push me to month 3. :-(
Has anyone heard of this or is it pretty normal with Fannie Mae or any REO for that matter?
Thanks all!