NEED HELP WITH THE FANNIE MAE/REO ADDENDUM

An investor making an offer on a Fannie Mae property, the listing agent has requested that a 13 or so page addendum be filled out by the buyer/investor to come with the offer before presenting it, is this correct? and since he is an investor, Fannie Mae's addendum states that he cannot sell the property for the next 120 days after closing, they call it a DEED Restriction. I thought I heard about something like this, not sure though. It sounds like all investors would have to sing this addendum when making /buying a Fannie Mae Property.Is this pretty standard?any input would help. Thanks.

 


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Permalink Reply by obed montez on May 1, 2011 at 5:37am
I do not think it has anything to do with them doing the monitoring , but wheather another buyer finds out what happen and out of spite report it. The chance of it happening are not out of the question. If there is a chance of something funny going on stay clear. 
Permalink Reply by TC Bland on May 1, 2011 at 6:47am
Hey Jeff - we've been told that CoreLogic is doing the data-mining for the banks.

Jeff Payne said:
I dont think that there is any price fixing, it is only for 90 days and also quite a stretch to think that there is that much profit available within the first 90 days so the clause really means nothing.  Anyone know how Fannie Mae would even know if it was sold in the first 90 days?
Permalink Reply by John Juarez on May 3, 2011 at 5:51pm
The deed restriction is on the recorded document. If a subsequent buyer wishes to get title insurance – who would risk going without insuring that the title is clear? – The restriction will come up and title insurance will not be available until the restrictive period has lapsed.

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