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Old 06-27-2007, 11:24 AM
Christine Marie's Avatar
Christine Marie Christine Marie is offline
 
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Default offered for sale during the past 12 months.

Quick question, because this one has me baffled..

Just got off the phone with a L.O.,

The subject property was listed during the past 12 months [and this is clearly stated one page 1 of urar], and evidently, as a result, neither fannie nor freddie will allow for a cash out refi, if the Subject Property's listing [prior to withdrawn or expired] isn't older than 90 days. Anyone, have further insight on that?


I try to learn new things everyday, and that one is definitely new to me...

not spell checked, get over it, just in case...
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Old 06-27-2007, 11:54 AM
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Was the listing older than 90 days, they probably want to make sure that the owners didnt take it off the market to get the re-fi done only to have it put back on the day they close on the refi.
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Old 06-27-2007, 12:02 PM
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Christine Marie Christine Marie is offline
 
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Quote:
Originally Posted by Kendall Bryan View Post
Was the listing older than 90 days, they probably want to make sure that the owners didnt take it off the market to get the re-fi done only to have it put back on the day they close on the refi.
that's what the l.o. said... i just didn't realize that was a fnma/fhlmc pre-requisite.....

No, listing is shown as withdrawn Day after my inspection....

they were attempting to sell it, as they had put a contingency contract on another house, but decided to stay put and upgrade instead..
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Old 06-27-2007, 02:54 PM
Restrain Restrain is online now
 
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Check out the Fannie regs (see the sticky) if you've got a question. Generally, what I've seen is "currently listed". I've had to go back and reinspect after the listing was withdrawn, but the loan still went through.
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