Home Buying in Michigan>Question Details

Acrambell, Home Buyer in Michigan

Offer accepted prior to a second one coming in, but now being told it may go to "best/better" scenerio between the 2, is this legal?

Asked by Acrambell, Michigan Tue Apr 10, 2012

We put in an offer on a home, we were told there was a chance we may end up in a "best/better" scenerio if another offer came in at the same time. Our orginal offer beat the second offer, was countered on by the seller , signed off by me and I have written confirmation from the selling agent that it was clicked as accepted prior to second offer coming through. But am now being told that Fannie Mae has to approve this acceptance and may force us into a better/best situation. Is this legal?

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The earlier response is true. I worked for Fannie Mae Brokers in this situation. There is an order of operation to get full approval of an offer. With Fannie Mae, first the offer is approved by the asset manager, than the offer goes to upper level managment for approval...If another offer comes in before full approval is reached, they will ask for highest and best. It sounds like the agent acted to soon.

You can go to Homepath.com to see current status of Fannie Mae Michigan listings.

This can be a very frustrating journey now a days...good luck, and hang in there!
0 votes Thank Flag Link Tue Apr 10, 2012
If the sellers have not signted the purchase agreement, the offer is not officailly accepted. Written conformation by the listing agent is not acceptable, it must be signed by the seller.

If the sellers have signed the purchase agreement, then you have an accepted offer and the sellers can not look at any other offers other than back up offers.
0 votes Thank Flag Link Tue Apr 10, 2012
Hi Acrambell,

Until both parties have agreed and signed the PA the home is open to any offers. Normally if Fannie Mae has verbally agreed they honor there agreement until they process it and send you a signed PA back. You should not be going to another highest and best situation. I would question the listing agent.
0 votes Thank Flag Link Tue Apr 10, 2012
Are you saying you have a written contract signed by both parties, with agreement on all terms, and that the seller, Fannie Mae, is now trying to look at more offers?

If yes, that is a problem. But if the purchase agreement was never fully in writing, then the seller can still look at more offers.
0 votes Thank Flag Link Tue Apr 10, 2012
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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