Home Buying in Orlando>Question Details

Theone88, Home Buyer in Orlando, FL

Placed an Offer on a Fannie Mae Home path Condo in Florida how long should I expect for a Response?

Asked by Theone88, Orlando, FL Fri Oct 8, 2010

I place an offer which at first was denied within a couple of days;countered and according to my realtor it is in very good standing although the the property turned into a multiple offer situation apparently all other offers were turned down except mine. Its been about two weeks I'm a first time buyer;from what i've been told from other property buyers this length is absurd;Honestly i'm quite anxious and thinking about retracting my offer to place it on another property although the realtor has advised me of the good standing

Help the community by answering this question:

Answers

7
What ended up happening with your home. In in a similar situation.
0 votes Thank Flag Link Sat Jan 18, 2014
In 2010 there was quite a backlog. But these days I usually hear back from Fannie within say 3 business days max on an offer I've submitted. So if you've been waiting weeks, then something is amiss.
Flag Sun Jan 19, 2014
Theone,
Have you ever shopped on E Bay? They show the item at a very attractive price. They show that there is 20 minutes left to bid. You make your bid and all of the sudden within the last minute the others waiting for your low bid jump in and as the seconds tick away and better your bid.
It is pretty much like that in real estate today. Usually properties are dangling in the wind with their prices so promising a great deal and it appears no takers. Just when you think you have the deal wrapped up a dozen others get in and all of the sudden from top contender you are just the underdog. It pays to loose a few to learn the game. Paying full price or even paying over full price is not a foolish bet. With so little difference in payments on the account of low interest rates buying a property for a few pennies more may be not so foolish after all. When you found the one you like go all out it could make the difference. Loosing it may be painful but keeping your good sense and your experience is priceless.
0 votes Thank Flag Link Mon Oct 18, 2010
I have had quick responses with Home Paths. Your agent can call Home Paths to find out about your offer.
0 votes Thank Flag Link Sat Oct 9, 2010
If you are in a mutliple offer situation, you may lose out to a higher bid. Keeping looking and if something comes up that you like better in the meantime you will be able to cancel your offer.

I once had a Fannie Mae response take over 14 days--it was also a multiple offer situation.
0 votes Thank Flag Link Sat Oct 9, 2010
Hi Theone,
Fannie Mae usually takes 7-10 days to respond. Your realtor should be able to find out more, at least about how much longer it should take.
Raquel@orlandorealtyqueen.com
0 votes Thank Flag Link Sat Oct 9, 2010
Hi Theone88,

How much do you want this property? If you "love it", I would suggest sticking it out.

I agree with Chris, Fannie Mae has a lot on their plate.

Thanks

http://www.homesbycarli.com
0 votes Thank Flag Link Sat Oct 9, 2010
Fannie Mae is one of the largest lenders in the U.S. which means they probably have one of the largest portfolios of distressed properties. Sometimes asset managers (people at the bank that manage these files) have hundreds if not thousands of files they have to deal with at once. Typically there are no quick responses or decisions by the banks because they are over welmed and under staffed. If this property is the right one for you be patient and you should here back soon.

good luck!
Chris Blasic
0 votes Thank Flag Link Fri Oct 8, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer