Fannie Mae Won't let me Flip for 90 Days

[Tony Salazar]

Here’s the deal.
I just got my offer accepted at 132,000 on a REO that the seller is Fannie Mae. Inside the Purchase Addendum it states that I can not sell the property for more then 162,000 within 3 months of closing. This property is not livable and needs many repairs. My projection after rehab was to sell for 195,000. I don’t want the seller to dictate after I own a property, on when I can sell or for how much, especially since it is a cash offer. I sometimes can rehab and close escrow in less then 90 days.
Has anyone been able to counter and remove this? The strange thing is I had this property locked up and accepted on a different occasion about 60 days ago and the contract didn’t have those terms in there.
So moving forward will this be the norm for Fannie Mae? I lost another accepted Reo offer that had this in it, and they wouldn’t remove it. If you notice on REO’s they are making it more difficult for investors to buy, by not allowing investors to write up offers until property has been “active†on MLS for X amount of days, and basically giving the first right to purchase to owner occupants. In addition there are closing cost and real estate commission incentives to owner occupant buyers and their agent, but not to investors. This transaction had a 1500.00 real estate bonus for the buyer’s agent but since it is non-owner the 1500.00 bonus won’t be given.
Any input on this would much be appreciated.