Freddie mac affidavit of owner-occupancy form

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  2. Owner Occupancy Requirements and your Mortgage
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Enforce the affidavit of occupancy that the deed transfer may have already violated? Definitely should not be using these taxpayer funds to subsidize housing for child molesters. You should ask your Congressman to intervene. The people who screwed that sale up should be fired. I put an offer in on Friday, today I got a call and was told the asset manager accepted the offer so my realtor replied back by clicking accept.

I talked to my realtor later in the day and another offer came in the afternoon. Are they obligated to staying with my offer since they accepted the terms.

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Its not signed yet as I have to wait for the paperwork. I do not know if the other offer is higher or lower. What have people experienced similiar to this. Does first look only apply to when the property hits the market for the very first time or is it the first 15 days of when the property is back of the market… We are looking at a property that has been on the homepath site for about a year and this now makes the fouth time that it has come back to the market under first look.

How is this possible?? Other properties are classified as back on the market so how would a first look still apply? I am a first time home buyer. Found a foreclosed home from FNMA. Went to see the house. I liked it. But the realtor failed to show up. I looked around anyway. I immediately put in a bid very close to list price but slightly below. But the realtor failed to submit my bid in those 15 days. I was paying cash too. Can I sue the realty company? You can sue anyone you want. The bigger question is have you been damaged and do you have supportable facts to back that up. On the surface I would say yes however cases like these are often not what they seem.

I truly appreciate your help and advice. Thanks for your comments. I explained everything. And I do indeed have damages to show. I flew all the way from my job in China to see this house in Maine. I drove my car from Connecticut all the way to Maine to walk the property. As a result to my own investigations, I find out that this creep realtor likely never submitted my bid. I also have a video record of my visit to the property. That is dated as well. How do I know this? I had a friend from a different State call this realtor and pose as an investor. This scumbag realtor actually mentioned a previous offer and under the table payout.

He was actually pushing for a higher cash deal for himself and left it open to my friend to compete for the sale. I have contacted FNMA to see if my bid was ever submitted. This scumbag realtor just brought a crapstorm upon himself.

Owner Occupancy Requirements and your Mortgage

I have been reading this forum for several weeks now as I had began dealing with Fannie Mae on a property of interest and a First Look situation. As an investor I was told I was NOT eligible to submit a bid for 15 days on the property upon it becoming available.

Well the scenario turned out that another offer was submitted as soon as the property came available and was accepted within 24 hours of the initial submission. Now what are the chances of the winning offeror actually living in that residence as their primary home. What we appear to have here is a program First Look that handicaps persons willing to pay more by allowing others to potentially make false affidavits as to using the property as their primary residence. Ok, sure FM could fine them 10K and keep some escrowed money but that does little good to the third-party.

My congressman tells me FM is a quasi-governmental entity. I really wanted this property and this program prevented FM from getting more money for the property and mitigate the losses for the foreclosure. FHFA has oversight over Fannie through the conservatorship, you might also try escalating there.

I think one could make a compelling argument that FHFA is failing in their job to conserve taxpayer funds by not forcing Fannie to shut this program down. I been tracking a Fannie Mae property for months waiting for it to appear on HomePath. Tenants are given a 12 month lease, how can I live in the property as an owner occupant if tenants live in it. I am ready to put my house on market but if it sells and tenants have a 12 month lease and I am the winner of the bid, should it ever come to market and my present home sells.

I could potentailly be homeless while waiting for tenants lease to end. I am buying the home to live there, I am willing sign an affadavit, and make a reasonable cash offer. I am no investor just someone who wants to downsize to smaller home in same City. The MLS indicates the house was for sell prior to home going into foreclosure. So the tenants knew, if the house sold they would have to move anyway. So why is Fannie Mae making it so hard to purchase one of their properties?


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There are a ton of legal issues to go into the leasing business and they along with the other major lenders are loathe to get into it. I spoke to a Fannie representative about their deed-for-lease program in which they give the homeowner a 12 month lease in exchange for voluntarily giving up the home instead of forcing the bank to foreclose.

She said they were committed to the program, and that anyone with a Fannie loan was eligible to apply. I am a couple years from retirement so I can wait the years. I just hope the property will be in good condition after the tenants eventually move out. I thought the idea was to sell the property not to rent it out 12 months is way too long it just a delay tactic, and the outcome will be the same regardless.

It sounds good on paper, but the concept is riddled with unanswered questions. For example, what happens if rent is not paid, or if utilities are shut off due to non-payments, who is responsible for repairs? And the most important, how do you get them out once the house has been sold, who pays if they will not go willingly. If you know the answers, or you have experienced this please let me know. Oh yea, just in case you are wondering, I used to know the people who lived there several years ago, it used to be a nice house, I hoping it still is. Once the lease is entered into its no different than being a landlord on any other property.

They must make payments, or you can evict them. They are responsible for utilities unless the lease agrees otherwise. Repairs due to damage they cause should fall to them, and those due to normal wear and tear likely fall to you. Be sure to read the lease before you complete your purchase of the property. The agents never submitted offers from first-time homebuyers to the lender — then get a kick-back from the investor to quickly close the deal. SW Fla is one of the very few areas where prices are starting to increase as they curb this practice.

Is there no way to track your offer after it has been submitted to the listing agent? I have my eye on a propety in Cape Coral FL. I am sure the price will adjust around the 30 or 60 day mark but it has not reduced at this time.

Defining Owner-Occupied

Any suggestions? I bought in CCoral a year ago — and Zillow just announced this area has one of the fastest rises in the country. The realtors are now pretty careful submitting your offer to FM — but also know that they have a roladex of investors to tell them what it is after the timeframe is up. We just purchased a home through this program. We had complete intentions to stay in this house indefinitely and had no issues signing the occupancy affidavit.

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We have had the house for a couple weeks and have realized that there are some unforeseen issues with the area. These issues do affect our health and quality of life. We really do not want to stay in the house and are considering selling it and returning to our old house which is now a rental. Is there anyway we can get out of the contract and put it up for sale again? If so what are the stipulations and or criteria? Great question Wayne. I would hope Fannie was smart enough to realize that everyone faces life events that may require them to move or sell though this whole program is so retarded nothing would surprise me.

Mine is actually through Freddie. I have a number from thier website, anyone have a number that might be better? Who should I ask for and how should I explain things? Thank You for your help.

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I believe there is something more driving this First look program. Is it possible there are some high dollar institutions that are profiting from this program? This whole notion to limit what buyers can buy seems to be counter intuitive to any of us that even slightly look below the surface. I am starting to see props that are on thier second or 3rd foreclosure go around. Here is one I have run into many times.

The friend then only has to beat the highest bid by a few hundred dollars to get the house. Had it happen to me. Which happen to be exactly the commision plus dollars. Our bid was with no buyers commsion, so they simply added the buyers commision plus bucks! It worked out to the penny. We suspect this has happened about 5 times to us. Well us and one other bidder were bidding on the property.

We even confronted them about it and they said there is no way the insider was informed of our bid. Yes exactly. I do know there are big consequences for bid rigging which is exactly what this is. I had another instance where the agent did a Flop with a super low intial price. The agent dicouraged people looking at the prop. We viewed the property and it was move in ready, the basement was in perfect shape nothing wrong with it. His listing forgot to mention the prop backed to a golf course too.

The prop got 12 bids yet the prop sold for exactly asking price? How does that happen? I then contacted the seller, a bank, and actually talked to their fraud investigater gave them my name phone number told them the above details. No response! A Fannie Mae First Look property hit the market in my area yesterday. My agent called the listing agent within hours and was told there was already a cash offer. Considering there is no lock box on the house yet, there are no pictures in the listing, and they are paying cash, I do not believe this is an owner occupant- it screams investor.

I am an owner occupant and really want this property. What do we do? Have your realtor write up your offer anyway and track down the listing agent or take it to his office and hand deliver it. Make your offer higher than asking price. Make the amount higher but not to high as to over pay for the prop.

There are tricks to getting in touch with a realtors that do not want to be contacted. One trick I found was call them and act like you have an expensive listing and want to talk to them about listing it and set up a meeting ASAP, then they must submit your offer by law.

I have encountered about 5 or more inside jobs over the last several years. But it is worth a shot. Took about k away from the insider s but they still got the props. But when there is an insider I have lost everytime because they know my bid. But you can spoil it somewhat for the insider by uping the price to what you would like pay to have the prop for, because by law they must submit your offer if yours is higher than the insider. Also Keep track of the property see if it is relisted after it is fixed up supposedly this is breaking some sort of rule on First look prop but good luck getting anyone to do something about it.

I even alearted the selling bank to a scam and never heard back. Another route is to contact the selling BANK yourself but you have to do it fast. You should do both immediately. Thanks for the reply! We offered 15k over the asking price and were just notified yesterday another offer has been accepted. Apparently there were 4 offers, including at least one cash offer. I know it is a long shot at this point, but should I still at least try to alert Fannie Mae to the possible impropriety?

Or just move on? I am going to be so angry once I see what it closes at if it is less than we offered! I am really disappointed at this point and feel like just giving up if this is just going to keep happening. Right now there is not much recourse. So if if makes you feel better do it. I can suggest you keep an eye on the property via the MLS or Realtor.

As far as the winning offer being lower than yours you will probably find that the winning offer is a very small amount over your usually dollars or less. You have to calculate in the buyers realtor commion lack of or paid, sometimes the buyer is the agent and sometimes no commision is paid.

The really frustrating ones are where an insider agent in the office that listed the prop is the buyer and then resells it short time later as the listing agent. See my above comments. Hopefully you bid it up enough to make it not such a money maker for them. You are also correct when the selling agent is acting biligerent un-friendly or down right angry towards you or your agent, that is a sure sign of inside job. What agent is not happy to get multiple offers on thier listing it just means the price goes up and so does thier commision.

So its counter intuitive that the selling agent should be hostile to other offers. Agree with all other replys on this one. As soon as an agent gets bilegerent if you want to put in an offer, then guarnteed they got an inside deal going. So best action is to get real aggressive. But I have found that ultamately the insider s tip each other off as to the highest bid and thus can always beat your bid.

As I detailed before above my own experience just on one prop. The listing realtors got very angry with us when we went to our maximum on the bid. After I got savy to the insider dealings, I tryed many things but the insider will always win because they know your bid. Really its breaking the law concerning auction laws.

If someone out bids me fair and square I am more than happy to walk away but these insider deals make me very angry. Obviously you at least want the seller to see your offer… which I think is the key issue here. One suggestion — when bidding on these deal directly with the listing REO agent and let them have both sides of the commission.

Regardless of the implications, dual agency is legal in many states, and clearly the agent is going to be more motivated to help their client if it doubles their pay. We ran into the same situation, and I took some drastic steps. Listing agent kept giving us the run-around…multiple offers, house in bad shape, etc.

I went through the online County records and identified who the Seller was. Within a day we had an approval to move forward. Your agent is NOT allowed to go around the listing agent — but nothing precludes you from doing whatever is necessary to get your dream house. You might piss someone off along the way — but so what.

I would also get ahold of FM and document it — and a subsequent complaint to Board of Realtors about the agent will trigger an investigation. The First Look prgram is a scam pushed through congress by, and for, the banks. The Banks are not actually losing money on foreclousures. Many times the bank has been paid for years on a prop. At the beginning of any loan its all interest paid. I have attended county auctions and have bought foreclousers many of these props are reselling at well above the value of the prop so the bank gets years pure profit plus resells the prop at a decent price.

I am seeing many props that have gone through foreclosure multiple times. I could site examples with dollars amounts but my fear is I would be boring anyone who might be reading my rants. C, These days the banks are largely just servicers… meaning they are just the middleman.

As such you are right that they profit regardless as they get a fee for handling the property each month, and fees during the foreclosure process. The one catch here is that many of the servicers were also originators, so they do have some risk of the investor, who is absolutely taking big losses in most foreclosures these days, coming back after the bank for having made a bad loan. We have tried to get two Fannie Mae properties in Hernando, MS as owner occupants but we are not using the listing agent and I believe this has cost us the homes.

After filling out the online report form, follow up with a phone call and be persistent until someone opens a case and investigates. I live next door to a vacant lot that is being offered under the First Look program. The burned-out house that used to be there was demolished a few months ago. The neighbor on the other side and I want to buy the lot, divide it in half and each gain a bit of yard. Do you think we have a valid argument? I think you have a great argument, and I would escalate it within Fannie if you think there is any possibility someone might grab it during the First Look period.

First Look only last for 15 days except Nevada where it is 30 days. My husband and I wanted to make an offer for a 2nd home listed on the Freddie Mac Homesteps website. It was within the day first look period. My understanding is that Homesteps allows 2nd home purchasers to make offers during first-look. Our agent not the listing agent told us that the house was under contract with an all-cash offer and that there were a total of four offers. I asked if we could make an offer anyway, since the home still showed as active on Homesteps.

We were told not further offers could be made on the property. Anyone know what might be going on here? Two possibilities: 1. The agent was honest and you are simply too late. The agent is being dishonest and trying to do an inside deal. I have bought a home in the past and sold it to move on to something better for us at the time. We are now trying to buy a home after the last one we bid on was sold out from under us and were told we have to wait a month to make a bid because its open to first time home buyers first!!!

How is this fair?!?! It is a HUD home are there any loop holes to get around this rule in oklahoma. Stressed and discouraged to the max. You should like this one. This is a condition to buy the property. How am I as a owner going to move in in sixty days. Guess it works for an investor. Join us for "Getting Started with PropertyRadar"! Our aim is to give you access to all the data you need to help you target your local market.


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  • Know Your Owner Occupancy Requirements.
  • Differences Between the Owner-Occupied Rules for Freddie Mac and Fannie Mae | Home Guides | SF Gate;
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  • We'll be going over everything. And how to Connect with them online and offline with meaningful marketing that gets results. Fannie Mae "First Look" — An abuse of taxpayer funds? By propertyradar December 1, Economy. No Comments 0 0. No Comments. Tracy King says:. December 1, at pm. Sean O'Toole says:. Regina Adams says:.

    January 8, at pm. August 13, at pm. Steve says:. April 7, at pm. David Schubb says:. December 2, at pm. Joe Orange says:. December 3, at pm. Jean says:. November 29, at am. Richardd says:. December 11, at pm. April 20, at pm. April 25, at pm. You can continue to enjoy the benefits of your owner-occupant financing after you move out unless your loan has specific restrictions. Owner-occupants live in their home for a majority of the calendar year, making the property their principal residence.

    When you applied for your mortgage, you verified on the application that you intended to use the home for this purpose. You also likely confirmed it at closing by signing an owner-occupant affidavit, in which you acknowledge that you have no plans to vacate the property any time soon. You generally don't have to let your lender know that you're moving out of your owner-occupied house if you lived in it for at least 12 months.

    Your intent when getting the loan is important: If you say you plan to live in the home, knowing that you really intend to rent it, you're committing occupancy fraud. Lenders have some flexibility in their guidelines for borrowers who intend to live in the home but have to move out within 12 months of getting their loan, according to HSH. HSH recommends notifying your lender in writing and keeping a copy for your records. If you can't cover the mortgage payment after moving out, you might consider renting the property. Being a landlord involves a lot of responsibility, so be prepared to stash some money away to cover vacancy, maintenance and eviction costs if a lease goes bad.

    Agents may contact the HomeSteps listing broker with questions regarding the eligibility of a home; this information will also be included in MLS home listing information. Buyers must have their broker check the MLS or contact the listing broker to determine how many days are left under the First Look. The buyer and their selling agent must sign an affidavit affirming that the buyer will occupy the home as their primary residence.

    Parties that fraudulently sign the affidavit may be subject to criminal or civil liability.