"Keep in mind that the seller has the right to withdraw this offer, consider another offer, or place you in a Multiple Offer round where you will be asked to compete with other potential buyers. All counter offers are subject to the terms of the Real Estate Purchase Addendum. The buyer's acceptance of a counter offer does not constitute final acceptance until reviewed and acknowledged by Fannie Mae."
They tell you very clearly in the last line that you acceptance of a counter isnt binding until they say it is.
And now FNMA is "helping" with short sales.....even more fun awaits and several real estate publications are calling them out -
There just seems to be so much leeway for the listing agent to do as he and FM pleases, even after acceptance, whether acceptance is by counter offer, addendum, contract, email, or on the back of a dirty napkin. A deal is a deal. The system is designed treat the buyer as a tool, to mold the unwitting (me) into a variety of configurations until they find one that pleases them most.
I appreciate everyone's comments.
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The practice of offer shopping is rampant. In a similar situation I escalated the issue to a Senior VP of marketing at Fannie Mae, who stated he is aware some listing agents will attempt to get their pocket buyers to offer more than a verbally accepted offer and then submit the higher one for signature. That as in the case reasonable extensions of 5 days are denied and a higher listing broker offer is presented and accepted. He went on to say Fannie Mae did not have a problem with this conduct. I was surprised but that is where we are at. This agent on the other side of the my transaction has 10+ highly negative ratings on Yelp, Kudzu, Angie's list. If a sufficient number of negative reviews are posted, these less than ethical and honorable people will harm fewer and fewer people.
We live in a very different society handshake, verbal and agreements in principle are worthless. I want people to trust my word, have confidence in my agreements, when dealing with others I advise "A handshake agreement isn't worth the paper it's written on" It is a bad policy to trust anyone these days.
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