Foreclosure in Cleveland>Question Details

Bea, Home Buyer in Shaker Heights, OH

how long does fannie mae take to accept a offer on a foreclosure?

Asked by Bea, Shaker Heights, OH Mon Jul 25, 2011

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This question was posted a while ago. Fannie Mae will typically respond within a few days depending.

It depends on who is handling it. It can depend on the submission if anything is missing/required still. It depends on multiples, the first look time frame, etc.

Of course you need to work with an agent that deals with Fannie Mae and knows the process. If there are multiples it could take a bit longer. They will provide a deadline. It is crucial to have all the necessary paperwork completed and in order to submit right away if accepted.

Cecilia Sherrard
RE/MAX NE Ohio
216-323-4620
http://www.YouShouldOwn.com
0 votes Thank Flag Link Tue Apr 1, 2014
We put an offer in last week on a fannie mae foreclosure and they came back saying there were multiple offers and asked for our highest bid to be made that evening by 10pm. It is now 5 days later and the online offer submitting site is still open and we have heard nothing! We bid over $5000 over asking price and it appears they are still accepting offers, so the deadline thing means nothing!! I believe they send that out with the first offer to everyone and than wait!!! We are getting frustrated and don't know how long we want to wait unknowingly!! So frustrating!! There should be a timeline on offers, even if they want to say rejected. At least its something.
0 votes Thank Flag Link Tue Apr 1, 2014
Are you working with an agent? If you are use them! Most of the time you should have an answer within 24-48 hours. The only time it would take longer is if the home turned into a multiple offer situation. In that case the bank will call for a highest and best and put a bid deadline on the property. If that happens than you should know within 24-48 hours after the bid deadline expires! For example if the bid deadline is Wednesday, July 25th at noon, than you should have an answer anytime on July 26 or July 27th.
0 votes Thank Flag Link Wed Jul 27, 2011
If you have an offer in with an agent, ask them. They are your best source of information. Hopefully they are experienced enough to answer your question. The listing agent should be able to give insight as well
0 votes Thank Flag Link Tue Jul 26, 2011
usually average 72 hours but there are several factors that can affect this. Let me know If I can help
0 votes Thank Flag Link Tue Jul 26, 2011
On average 4-7 business days.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Jul 26, 2011
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