Fannie Mae-1 year ownership requirement

[Mary M.]

Hello Everyone!

I am placing a offer on a Fannie Mae REO, offering a 5 day close and all paying all cash. Has anyone come across the stipulation of investors having to wait 14 days until our offers will be reviewed, while offers that are placed by those who are going to be owner occupied having first dibs (and not having to wait the 14 days)? My realtor stays It states that if I were to submit my offer as an owner-occupy and break the agreement, I would have to pay 'damages' of $5,000. Also, I would not be able to resale for that same 12 month period!? Can they really enforce this? Any experience with this? It surprised me on many levels because I would assume the banks would want to unload their REOs quickly instead of waiting on a homeowner who may have a financing contingency.