Comments on: Tricky Clause in Fannie Mae Foreclosure

By: Scott Ficek

Scott Ficek — Sat, 15 Aug 2009 16:36:25 +0000

I have seen it on all Fannie Mae properties that my customers purchase.

By: Gloria

Gloria — Thu, 13 Aug 2009 17:16:20 +0000

Scott, do you know if Fannie Mae requires this for ALL or just some REO properties and what authorizes Fannie Mae to do this? Usually I would find something like this in Fannie Mae’s guidelines but have not found it. Thanks.

By: Scott Ficek

Scott Ficek — Tue, 13 Jan 2009 03:36:32 +0000

MN Properties »

Actually, I have stopped trying. I just tell my custmers they need to hold onto it for a little while after their renovations.

By: MN Properties

MN Properties — Mon, 12 Jan 2009 22:58:38 +0000

Scott, Have you had any luck in getting Fannie Mae to remove the Deed Restriction for an investor?

By: Scott Ficek

Scott Ficek — Mon, 12 Jan 2009 05:43:32 +0000

Vonda »
Often the bank will not pay you as the real estate agent if you are the buyer of the house. I don’t think I have heard of them not paying it if you are related to the buyer, but it makes sense.

Check the actual bank addendum that they signed once you got an accepted offer.

By: Vonda

Vonda — Sun, 11 Jan 2009 14:36:59 +0000

Yeah, I just did one on Friday and it did say that. Ok, here is my question. I was the Realtor on this for a Realative…. and I received notificatino that Fannie Mae will not pay the commission if you are related to the buyer, is that true? If not is there somewhere I can get information at to state otherwise.

Thanks,

By: Bob Larsen

Bob Larsen — Tue, 30 Sep 2008 12:39:50 +0000

Scott- That addendum was already on a Fannie Mae PA for a property my wife and I purchased in April this year. It did not bother us because we plan to keep the property several years. However, it does show that Fannie Mae has it in for investors. Fannie/Freddie policies usually have a political angle.
BTW-The resale clause would be tough to get around. But it is only 3 months. To get around the refi clause-I would think an additional finance addendum could work.

By: Jeanie Hoholik ~ Twin City Real Estate Chat

Jeanie Hoholik ~ Twin City Real Estate Chat — Mon, 29 Sep 2008 14:37:36 +0000

Cash works, too!

By: MN MLS

MN MLS — Mon, 29 Sep 2008 04:28:02 +0000

This is a great post Scott. It really goes to show the importance of the real estate agent and the client reading each and every contract and the provisions therein. Especially the purchase agreements for these bank owned listings here in the Twin Cites. Thanks again.