Fannie Mae REO buyer guidelines

[Maggie Nickerson]

good morning fellow real estate  investors and bigger pocket  enthusiasts !

I'm looking at purchasing a Fannie Mae REO during their first look period, yes this will be my primary residence, this is also a historic registered home in need of a well-deserved restoration which will probably take eight months minimum, absolutely no way anyone could move into the home in its current condition .

Q:    Fannie Mae has a  document that needs to be signed by the buyer who will be residing in the home that they have to take possession of the house within 60 days of settlement, otherwise it is a $10,000 penalty to the new owner, Ouch!   How do I get around this, there is no way the house will be ready to move into within 60 days of purchase this is an eight month restoration project .

 Thanks for your advice and advance,

Maggie