Home Buying in 30305>Question Details

Shana, Home Buyer in East Point, GA

I put in a bid on a house 20 business days ago, but my offer hasn't been accepted or declined and is still listed on HomePath as active.

Asked by Shana, East Point, GA Fri Aug 23, 2013

The agent keeps giving excuses as to why it's taking so long to give an answer -- for example last week it was the Fannie Mae system were down so they couldn't do contract negotiation, and they would be back up sometime this week. Well it's Friday of "this" week. Is HomePath required to decline an offer if they aren't accepting it or can they just keep stringing people along?

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Answers

8
Have your Agent talk to the Listing Agent. The Listing Agent should be able to get through to the Portfolio Manager to see what is going on.
Good Luck!
0 votes Thank Flag Link Sun Aug 25, 2013
I have written offers for homepath and they are good about getting back to you. The system was acting funny a week or two ago and no offers were being put through so your realtor wasn't lying about that. If your offer gets declined it will email your agent and tell them it was declined. Until then you just have to wait.
0 votes Thank Flag Link Sun Aug 25, 2013
Hello Shana,
Fannie Mae / HomePath has done their part in having the property appraised, they know what it is worth. Your offer was more than likely, "Dead on Arrival". I would suggest having your Agent make another offer closer to the List Price (IF you are able to qualify for that amount).

Last month I closed on a Fannie Mae HomePath home. My Buyer offered full price, and it was accepted right away. The property was listed as "Move-in-Ready", but when we had the Home Inspection done, there were about 10 repairs that were noted on the report and we put about 7 items on our Addendum to Address Concerns of the Property, and Fannie Mae fixed them all.

Give it another try.
0 votes Thank Flag Link Fri Aug 23, 2013
We offered $10K above the listing price.
Flag Fri Aug 23, 2013
Shana,
What you are experiencing is normal with offers to Fannie Mae. As the seller they want to ensure they get the highest and best offer on their homes and they follow a procedure to attain that. Your agent if only the selling agent only gets limited information so don't blame your agent. Even the listing agent of the property is not given much information. If you are asked for your highest and best offer be sure to give it your best (that means they have multiple offers on the property) because you may only get one chance. . Your agent can help you with this. You can go on the Fannie Mae (Homepath.com) website for further information.
0 votes Thank Flag Link Fri Aug 23, 2013
It's been 20 Business days past our "Highest and Best."
Flag Fri Aug 23, 2013
If you're the buyer's agent and you believe the listing agent information is not accurate you can call a customer service number for Fannie Mae and get general information about the property.

Good Luck,
0 votes Thank Flag Link Fri Aug 23, 2013
I contacted cusotmer service at 15 business days and all they could tell me is that I should contact the listing agent, which I did and that is who told me the "systems" were down.
Flag Fri Aug 23, 2013
Hi Shana, if you have more money in your budget, try raising your price.
0 votes Thank Flag Link Fri Aug 23, 2013
That's frustrating! I'm assuming you are referring to the listing agent as the one who is making the excuses. Unfortunately, there isn't much you can do about it other than withdraw your offer. My suspicious mind thinks they might be stalling for a better offer. You can go to the homepath website to check the status yourself, but you probably already know that. They do often take some time to respond, and its is definitely aggravating.
0 votes Thank Flag Link Fri Aug 23, 2013
I hate that you are going through this. If you feel your agent is giving excuses, contact the listing agent for general information to see what they say is the status. I know that Fannie Mae can take awhile to respond back. The longest I have ever waited has been 1-2 weeks usually during holiday time.

If you would like, I have no problem calling to check the status for you.
0 votes Thank Flag Link Fri Aug 23, 2013
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