Have you dealt with Fannie Mae?

[Ken Hicks]

I was wondering what everones experience with Fannie Mae is. I put a bid on a property and they want 10% of the bid price as a deposit and they want to fine me $100 a day that I don't close on the closing date (30 days). and they want to put a 3 month deed restriction on the property that I can't make over 20% of the cost I payed for the property. Example if i purchased the property for $100,000 put $20,000 in for repairs I can sell the property for $120,000 for the first 3 months then I can sell it for more of a profit like $150,000 what would be the penelty if i did sell the property for $150,000 in 2 months. Hope this makes sense let me know what you guys think