General Area in Gulfport>Question Details

Eeee45, Home Buyer in Gulfport, MS

buy a house from hud or fannie mai under owner occuied,how long you should wait to sell it and if sell it earlier what is the penalty for it?

Asked by Eeee45, Gulfport, MS Fri Feb 3, 2012

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When you purchase a Fannie Mae home as an owner/occupant you have to sign an "Owner/Occupant Certification" stating that you will occupy the house as your primary residence for a period of 12 months following the closing. The penalty for selling the house prior to the end of this 12 month period is as follows:

In the event that I do not occupy the property as my primary residence in accordance with the above certification, I shall pay Ten Thousand Dollars ($10,000) to Seller as liquidated damages, which amount shall be in addition to Seller’s right to retain any earnest money deposit and any other funds then paid by the Purchaser as liquidated damages pursuant to Section 19 of the Real Estate Purchase Addendum and any other remedy available to Seller at law or equity. Additionally, I agree to pay Seller’s reasonable attorney fees and costs incurred by Seller in enforcing its rights hereunder.

I hope this helps you with you question. If you are considering puchasing a home on the Mississippi Gulf Coast, I would appreciate the opportunity to work with you.

Teresa Waltman
Broker
Waltman Real Estate, LLC
228-323-5029
Office: 228-206-7588
0 votes Thank Flag Link Sat Feb 4, 2012
All of this depends on your loan. Most of them have no pre-payment penalty. However, there could be one. Also, this depends on if the property is an investment or if you occupy as your primary residence. The best way to find out is to contact your lender or to whom you pay your mortgage. I hope this helps. If you need an agent to help you sell in Gulfport, give me a call. I will put you in contact with someone there.

Ashley
601-927-4348
0 votes Thank Flag Link Fri Feb 3, 2012
All of that information will be in the paperwork you signed at the settlement table.
0 votes Thank Flag Link Fri Feb 3, 2012
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