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Question on a Fannie Mae foreclosure
Posted on 5/24/12 at 6:53 pm
Posted on 5/24/12 at 6:53 pm
I bought a Fannie Mae foreclosure in June of last year. I also have a vacant lot in another subdivision that I want to build on. I asked my realtor, who I also used to purchase the foreclosure, about listing my house because with rates the way they are, I can build the house I want and pay less per month than I do now between my current mortgage and my lot note. So she tells me that because I bought a Fannie Mae foreclosure, I have to stay in the house for 3 years before I can sell. This was the first I had ever heard of such a thing and specifically asked about a prepayment penalty several times before I signed anything. I reviewed my documents last night and there is nothing that says I have to wait 3 years to sell. Has anyone ever heard of this or can maybe give me a better explanation?? TIA
2
Posted on 5/24/12 at 6:59 pm to SoggyNachos
I know their is usually a "first look" period when they first come on the market for folks who will only buy the home, with the intention of living in it in order to get financing.
After that period investors are able to come in and purchase it. If you buy it during that period and get it financed I am sure there is a penalty but I not sure of the details.
Try this.
LINK
After that period investors are able to come in and purchase it. If you buy it during that period and get it financed I am sure there is a penalty but I not sure of the details.
Try this.
LINK
Posted on 5/24/12 at 7:06 pm to G8RnGA
Thanks for the link. I'm on my phone so I can't see it. I do know about he 15 day waiting period before the property can be sold to an investor. But that was when I bought it. I already own the house. So I'm worried that I have to live here for three years before I can sell.
Posted on 5/24/12 at 9:06 pm to SoggyNachos
If you sell the home before two years you are open to capital gains tax.
Posted on 5/25/12 at 9:58 am to SoggyNachos
another reason why realtors get on my nerves. There is no fannie mae rule on selling a foreclosure. you will have to pay capital gains tax because you need to be in the home 2 years. If you loan doesnt have a prepayment penalty then you can sell the house when ever you like. what type of home loan did you do? FHA or conventional?
Posted on 5/25/12 at 11:53 am to hawkeye007
I didn't think that sounded right at all because I know I asked about it and would have never done it had they told me I HAD to stay 3 years.
I did an FHA loan. So I know I have to pay it off on the last day of the month or I have to pay per diem interest on any remaining days in the month if I don't.
So are you in the lending business and know this for a fact? I emailed the guy that did my mortgage and he didn't have a clue about what I was talking about. This pretty much told me that the 3 year rule didn't exist.
I did an FHA loan. So I know I have to pay it off on the last day of the month or I have to pay per diem interest on any remaining days in the month if I don't.
So are you in the lending business and know this for a fact? I emailed the guy that did my mortgage and he didn't have a clue about what I was talking about. This pretty much told me that the 3 year rule didn't exist.
Posted on 5/25/12 at 1:44 pm to SoggyNachos
yes i work for a lender and i have never heard of the foreclosure rule. I have a group of investors i work with in new orleans that buy fannie and freddie foreclosures alot and i would have ran across this if it was true.
Posted on 5/26/12 at 10:53 pm to hawkeye007
hud is a year i think as an o/o
Posted on 5/27/12 at 6:19 am to hawkeye007
quote:
another reason why realtors get on my nerves. There is no fannie mae rule on selling a foreclosure. you will have to pay capital gains tax because you need to be in the home 2 years.
Realtors are not real estate attorneys, although bad ones who get sued play like they are. That said there is absolutely a "rule" with HuD foreclosures.
The whole situation revolves around "intent". If you owned that lot before you bought home, it may get squirrely, especially if lot is really close in proximity, as your intent was to always build on that lot.
There is no mortgage police and odds are nothing will come of it, but I would check with RE attorney for advice
Or sell it FSBO and play dumb.
This post was edited on 5/27/12 at 6:31 am
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