New to Real Estate · San Jose, CA · Member since 2018 · 13 posts · 0 votes
Hi i had bought a Fannie Mae homepath (owner occ.) property with the intention of BRRRR'ing it and ended up getting a lucrative job offer on the other side of the country and it would be more convenient to just sell it as is, I put a Zillow listing up and have multiple offers for 250% of what I had paid for it, and it will be more of a financial strain to complete the rehab than pocket the difference as is, my question being: is there any exception that you can sell a property before the 1 year rule due to having to relocate? Or do the same rules still apply?
There is no written exception but reach out to the Fannie Mae Resource Center (800 2FANNIE) and explain that you'd like to pursue an exception to the Owner Occupant Deed Restriction and what is the best way to pursue. As long as you can validate the reasons, they may consider it. The (less appealing, for sure) alternatives are just to hold it for a few more months and/or sell it below value.
If you’re within a couple months. How about finding a seller that gives you say $10,000 option payment that could be applied to the purchase of the property 2-3 months in the future? Most purchases take 30-45 days anyway.
Maybe easier, take a larger non-refundable Ernest deposit with a closing date 2-3 months in the future with a written right to access during that time for inspections and repairs?
@Bill B. I think I will try to see if I can just sell it immediately to get my hands off it as it is a windfall situation, if I have to take extra steps to complete it your suggestion is a very good idea!