I have yet another question for the all-knowing collective minds of Active Rain. Yesterday, I submitted a cash offer on a Fannie Mae own property in Southwest Missouri. Another offer came in at the same time, but mine was the higher offer plus the other offer required financing. The listing agent replied back that my buyer needed to sign paperwork stating that he would be living in the house for at least a year. He can't since he plans to do repairs and make a little money on a flip.
Question: Has it always been this way with Fannie Mae owned homes? I guess I don't see the logic. With a loan, an appraisal will be need and heck, more money is more money. And also, what happened to good old fashioned Capitalism? Your thoughts would be appreciated.
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