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I am looking to purchase a fannie mae bank owned property, i received the addendum for review and it has a deed restriction in it, paragraph 14. It looks like they are trying to stop flipping as they have a space for number of months and amount of profit i can make, also doesn’t look like they allow refinancing either? Does anyone know if they actually put this in the deed, if they do what are the terms? i will be flipping so i don’t want to take a chance if they do. Agent also says i must put 10% down to submit offer has anyone submitted with less?
Seller?s deed shall include the following deed restriction:
GRANTEE HEREIN SHALL BE PROHIBITED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICE
OF GREATER THAN $___________________ FOR A PERIOD OF ____ MONTH(S) FROM THE DATE OF THIS
DEED. GRANTEE SHALL ALSO BE PROHIBITED FROM ENCUMBERING SUBJECT PROPERTY WITH A
SECURITY INTEREST IN THE PRINCIPAL AMOUNT OF GREATER THAN $________________ FOR A PERIOD OF
____ MONTH(S) FROM THE DATE OF THIS DEED. THESE RESTRICTIONS SHALL RUN WITH THE LAND AND
ARE NOT PERSONAL TO GRANTEE.
THIS RESTRICTION SHALL TERMINATE IMMEDIATELY UPON CONVEYANCE AT ANY FORECLOSURE SALE
RELATED TO A MORTGAGE OR DEED OF TRUST.
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