Foreclosure in Xenia>Question Details

Bobbi-jo Bec…, Home Buyer in Xenia, OH

Does anyone know how long the wait period is on getting a yes or no to a bid on a fannie mae property?

Asked by Bobbi-jo Bechara, Xenia, OH Fri Apr 1, 2011

Found a property I want in Febuary and placed a bid they came back with best and final offer. Never heard a word. Finally our realtor found they were in middle of asset manager change. We waited 4weeks. We had to resubmit everything. Now they say mutlitple bidders. Once again they asked for best and final offer and still we have not heard back again. How hard is it for them to say yes or no.Why is it taking months?

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Hi Bobbi-jo - I'm sorry you are having to go through the stressful process of buying a bank home! As you know, it can take months to get anywhere with them. The upside, of course, is that you should be getting a great value for a property. Hang in there & best of luck.
0 votes Thank Flag Link Sat Apr 2, 2011
Hi Bobbi-jo - I'm sorry you are having to go through the stressful process of buying a bank home! As you know, it can take months to get anywhere with them. The upside, of course, is that you should be getting a great value for a property. Hang in there & best of luck.
0 votes Thank Flag Link Sat Apr 2, 2011
Thank you Roy for your advice. I guess I just needed some reassurance that this is normal. I really want a chance on the property so I will sit back and be patient. It has been on the market a while and the price had been reduced 3x so hopefully the ball will get rolling with this new asset maanger. I guess when the new asset manager came back and wanted best and final offer we were expecting to here something fairly soon since what happened the first time.Thanks again.
0 votes Thank Flag Link Fri Apr 1, 2011
Wow! I'm sorry to hear that you are having trouble. I can sympathize as I missed out on the "Obama money" last year due to the same issue with a foreclosure. The best advice I can give is to be as patient as you can be, as you are probably getting a good deal on the home. If they just set this property up with a new asset manager, it can take awhile to get the ball rolling again. If you've had enough, you've had enough, so you should speak with your agent and go over your options. Try to stick it out!
0 votes Thank Flag Link Fri Apr 1, 2011
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