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Frustrated B…, Home Buyer in Snow Hill, NC

I have submitted an offer on a Fannie Mae Home. It is taking forever for them to respond. I would have

Asked by Frustrated Buyer, Snow Hill, NC Mon Apr 13, 2009

I have submitted an offer on a Fannie Mae home....it is taking a long time for them to respond. thought atleast by now (2 weeks) they would have tried to counter offer. This home is in a bad location and has had no other offers in the 6 months that it has been on the market. granted, my offer was for 1/2 the asking price of the home.....but the house started at over 200,000 (well over tax value of 150,000) and is now listed for less than 150,000. what is going on? should I stay with an offer close to 100,000 or is the whole process with fannie mae a waste of time?

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I tell my clients to present their basis for the offer price when they submit. If you have comparables you have used to help you decide what to offer, those should be included with the submission. This will help the asset manager understand the properties value better.

Best of Luck.
0 votes Thank Flag Link Tue Apr 14, 2009
I think you have the problem of buyer impatience. These kind of deals can take months to get approved and while it is the hardest think in the world to do waiting is the name of the game. While none of us can tell you what to do nor should we if you are comfortabe with your offer sit tight and maintain contact.
0 votes Thank Flag Link Mon Apr 13, 2009
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