We have all heard about the anti-flipping rule imposed upon us investors for subsequent FHA buyers, BUT has any heard of an actually grant deed restriction when purchasing directly from Fanniemae?
I recently purchased a home from Fanniemae, refurbished, and am now ready to market. Today I check the mail and read the grant deed which states:
?Grantee?prohibited from conveying?property to a bonafide purchaser?.for value greater than X?.for a period of three months??
This appears to restrict more than just FHA loans in within three months. They are restricting the conveyance in general, if over their threshold in the three month period. This is outrageous.
- Has anyone else come across this?
- Shouldn?t the title company or Fanniemae notify the buyer of such restrictions?
- Is this legal and valid? Any recourse if this is not disclosed ahead of time?