Fannie Mae house -- why do I have to wait to make an offer? (law, buy) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

cnheitz · 10-28-2011, 08:03 AM

I would like to buy a Fannie Mae home for my son, daughter-in-law and grandkids. I do not feel I am an investor because I will not flip the house or rent it to someone outside of my immdediate family. Why do I have to wait 15 days to make an offer on a house. I'm buying this so my son and his family have a place to live. Thanks

Debsi · 10-28-2011, 08:07 AM

You're not an owner occupant, so you're subject to the 15 day rule. Sorry.

jdm2008 · 10-29-2011, 04:20 PM

Quote:

Originally Posted by cnheitz

I would like to buy a Fannie Mae home for my son, daughter-in-law and grandkids. I do not feel I am an investor because I will not flip the house or rent it to someone outside of my immdediate family. Why do I have to wait 15 days to make an offer on a house. I'm buying this so my son and his family have a place to live. Thanks

Law's not perfect and even though through the spirit of the law you shouldn't have to wait, making exceptions is just too difficult.