Any restrictions on filpping Fannie Mae Homepath properties

Investor · Gilbert, AZ · Member since 2016 · 11 posts · 0 votes

Does anyone know of any restrictions pertaining to Fannie Mae Homepath properties and agents buying them to flip? I thought I had Heard of something.

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Julia Dugger
Rental Property Investor · Jacksonville, FL · Member since 2015 · 61 posts · 27 votes
10y
The deed restriction prohibits selling a property for more than 120% of your purchase price during the first 90 days after purchase
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Michael Merrill
OP
Investor · Gilbert, AZ · Member since 2016 · 11 posts · 0 votes
10y
Awesome! thanks Julia.
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James Syed
Real Estate Broker · Mount Olive, IL · Member since 2013 · 1k+ posts · 310 votes
10y
@Michael Merrill
Welcome to BP.
Fannie Mae will prohibit you selling the property for the next 3 months and they usually tell you the amount on your purchase addendum once your offer is accepted so you can't go over that amount.
Hope it helps.
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Michael Merrill
OP
Investor · Gilbert, AZ · Member since 2016 · 11 posts · 0 votes
10y
Yes that helps. I found a great house that only needs a little work. But the price needs to come down about 20k for it to work.
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