Home Buying in Helena>Question Details

Fanniemaebid…, Home Buyer in Helena, MT

How long is a Fannie Mae Counteroffer usually good for before it expires? Mulitple Offers allowed?

Asked by Fanniemaebidderinmt, Helena, MT Thu Apr 22, 2010

I am waiting to bid on a Fannie Mae home b/c the realtor says they have countered another offer. That was over 3 days ago. I thought the standard expiration for a counter offer was 1-3 days. The listing agent says he hasn't heard back from the other offeror but he can't submit our offer until the counter expires.... this doesn't make sense when I research Fannie Mae. Does anyone have any knowledge here?

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Matt Taylor’s answer
It should say in the contract regarding your response time. However be aware Fannie Mae and most banks do not execute their documents purposefully until the buyer has signed them. They continue to accept offers until the contract is fully ratified in most cases. If another offer comes in that is higher than yours they are likely to accept and send your contract into the muck. If you like the counter you need to sign and send it back to the bank asap to get their signature so they will stop accepting offers.
0 votes Thank Flag Link Thu Apr 22, 2010
Forgive me but I didnt read your post fully. Usually the bank will continue to accept offers. Email me directly and I can check with a couple of my listing agents on this matter that sell properties for Fannie.
0 votes Thank Flag Link Thu Apr 22, 2010
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