Home Buying in Columbus>Question Details

tbook, Both Buyer and Seller in Philadelphia, PA

Fannie Mae Home Path property, multiple bid situation, please help.

Asked by tbook, Philadelphia, PA Tue Jan 29, 2013

Multiple bid round ended at 3 pm yesterday. HomePath shows the property with a status of "under contract." Out agent said our offer is showing as "under review." What does this mean? Did one of the other offers get accepted and they just haven't told us? Or is it possible they have not made a decision yet? If so, how long does it take? Our bid was at full list price.

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tbook,
The listing agent probably put the status as "under contract" to avoid more offers coming in until these have been reviewed. With your offer coming in at full price, there is little reason for them to keep fishing for more offers unless your financing or other terms were shaky.
Unfortunately the "under review" time is as much time as the bank wants. There are 2 rules with banks and time frames, yours and theirs. You must hurry up whenever they ask and they can take their time and get back to you when they are ready.
The main question you could be worried about is did any of the other offers come in above list price? Chances are, they will come back to you and the others and request 'highest and best." You'll have a chance at that point to decide if you want to improve your offer. Discuss this in detail with your agent, to see if the home was priced correctly to begin with and if you should go any higher or not. The choice will be up to you.
0 votes Thank Flag Link Tue Jan 29, 2013
Typically Fannie Mae reviews all of the offers and could potentially counter all of the offers. If your offer was submitted before the deadline it should be reviewed along with the other offers. Keep in mind even a full price offer may not win you the bid. Another offer could have come in for a little bit more or possibly didn't have as many contingencies as your offers. Good luck.
0 votes Thank Flag Link Tue Jan 29, 2013
Thanks Donna for your quick response! I appreciate it. Do you have any idea on what the typical time- line is for them to review all offers and make a decision? This is so nerve-wracking....the waiting and the wondering.
Flag Tue Jan 29, 2013
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