so i just faund a nice house that is owned by Fannie-Mae it's been on foreclosures?

Question

so my question is can i buy it fix it a resell it in lets say 2 months or is this Fannie-Mae like hud where u have to live in it for 2 years

Answer 1

You can do as you wish with it, depending on whom you use to finance the purchase. Fannie Mae and others similar only have requirements for occupancy if you use their financing programs. If you finance conventionally, you are free to do as you wish. Bear in mind that some conventional lenders also have short term pre-payment penalties.

I would recommend talking with a local banker for short term financing, if a quick flip is your goal.

Answer 2

Fannie Mae properties aren't any diverse from the different domicile. in simple terms potential it truly is monetary organisation owned likely via foreclosure. no longer unavoidably some thing incorrect with it, better than the different domicile. because the first answer state, at the same time as making any furnish, you want to incorporate that your furnish is contingent on your having a house inspection performed by technique of a pro. maximum delivers incorporate this clause. Then employ a house inspector, your agent may be in a position to point one contained in the area or look contained in the phone e book. they commonly charge by technique of the sq' round $250-$400 finished the following in Michigan. The inspector will study each ingredient of the domicile and furnish you with an finished record as to it truly is mission. then you settle on in case you nevertheless want it. you may have a time reduce in this so the inspection should be performed asap after the provision is submitted and agreed to by technique of the seller. sturdy success.