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Updated about 16 years ago,

User Stats

20
Posts
7
Votes
Adair Smith
  • Real Estate Investor
  • Jacksonville, FL
7
Votes |
20
Posts

Fannie Mae Restrictions on Mortgage?!?

Adair Smith
  • Real Estate Investor
  • Jacksonville, FL
Posted

Hello fellow investors. I recently stumbled across this GREAT deal that is owned by Fannie Mae; however they put language in the contract adendum that prohibits me from selling the property for more than $44,400 for 3 months (which doesn't bother me as I am a buy and hold investor) BUT they also said that I can't get a mortgage for more than $44,400 for three months of the date of the deed???? The purchase price is $37k and ARV is $188k. They can't tell me why this clause is in there, just to say that it can't be removed or altered. Anyone else run into this? Why did they put it in there? I'm at a loss. Thanks in advance.