Question Details

Pam.pa, Home Buyer in Fairfield, PA

Fannie Mae homepath

Asked by Pam.pa, Fairfield, PA Fri Nov 25, 2011

I'm looking at a house that I want to bid on, but realtor said that I can't put a bid on it until open for investors. We own a house, but will be moving to this house. Is it true that since I already own a house I can't bid on this house until open to the public? The listing agent already has a bid from a neighbor on the house for "investment". Why can't I bid on this house for another 10 days when I want to move there, but already own a house. Is this true?????

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Answers

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If it is truely going to be owner occupied than you can place a bid within their "first look" period even though yo own another property, you will be required to sign that is is for owner occupied. If this agent will not work with you contact the listing agent direct or hire a buyer broker who is experinced with Fannie homes and have them assist you.

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…

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0 votes Thank Flag Link Fri Nov 25, 2011
You can bid as an owner occupied, just don’t fib about your intentions. The last thing you want to do is pretend to be an owner occupant when the real intention is to acquire a rental property, which is fraud. Guess which segment the powers to be are the most aggressive about pursuing today, real estate and mortgage fraud. If you are borrowing part of the acquisition price the underwriter is going to question the transaction as well. At the very least you must prove you are on the road to moving to the new property, having your existing home listed for sale is a good start, be even that is going to be questioned. Good luck,
0 votes Thank Flag Link Fri Nov 25, 2011
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