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Answers (3)
- Michael Emery, "MikeEmery"
- Contributions:7296
Fannie Mae has a program called "First Look" which limits buyers to owner occupied for the first 15 days of an active listing (30 days in Nevada). After that first 15 days and if they haven't received / accepted an offer anyone (investors, etc) can send an offer in for consideration.
If you send an offer in the first 15 days you are required to sign an affidavit attesting to the fact that you will move into the home with 60 days of closing and live in the home for at least one year. After the 15 days the affidavit is not needed to make an offer. This program is not used on all their listings, just typically on listings where they are working to re stabilize a troubled neighborhood. And yes, they will take cash offers.
If you send an offer in the first 15 days you are required to sign an affidavit attesting to the fact that you will move into the home with 60 days of closing and live in the home for at least one year. After the 15 days the affidavit is not needed to make an offer. This program is not used on all their listings, just typically on listings where they are working to re stabilize a troubled neighborhood. And yes, they will take cash offers.
- JJenkins77
- Contributions:2
Thank you very much, do most of the Fannie Mae properties you deal with have the "owner occupy" clause? I'm asking because some of the listing I have looked at specify-and some don't.
- Karen Paytas, "Karen. Paytas"
- Contributions:77
Owner occupant rules apply no matter how your purchasing the home. Fannie Mae does take cash offers on all of their properties.
Does Fannie Mae accept cash offers on HomePath Properties? (No financing)
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