Fannie Mae Violating their own rules?

[Wilson Bunton]

Hello all,

So here's the situation, my wife and I have found a home that we would like to occupy and do a sort of live in flip, however we fully intend to live in the house for at least the next 2 years.

The home is a Fannie Mae Homepath property that is still in the FirstLook program.  We submitted an offer last Tuesday for 3 grand more than its listed for and certified that we would be owner occupants.  We waited and waited to hear back on it figuring we had a good chance since it was in the FirstLook period and we were above list.  However, today I get a message from my agent and he tells me that they declined our offer and are waiting for the investor period to open before entertaining any other offers.

This seems counterintuitive to the homepath mission.  Why even have the FirstLook period if they're still going to wait for investor offers.

I fully intend to call Fannie Mae tomorrow morning and report this, but wasn't sure if anyone else has experience dealing with this issue.

[Julia Dugger]

This is not typical behavior for Fannie Mae -- I highly recommend contacting 1-800-7FANNIE to try to establish what might be happening.