Home Buying in Theodore>Question Details

smi54@sbcglo…, Home Buyer in Mobile, AL

under the fannie mae 1st look program will they end the bidding period early if I outbid the other buyers and I bid the ask price

Asked by smi54@sbcglobal.net, Mobile, AL Thu Mar 21, 2013

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With any REO property, they generally hold all offers for the first few days after a property is listed for sale or has a price reduction. If there are multiple offers, at that time, they will ask for highest and best from all buyers.

Getting Pre-Qualified in advance for HomePath Financing will also work to your advantage.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

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Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

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0 votes Thank Flag Link Thu Mar 21, 2013
In my experience they will not. Sometimes the winning bid will be higher than the asking price. Most of the time no bids are looked at until the bidding period is over. I have a client who bid 5k over ask and did not get the home. The next one we bid over also and he got it. Depending on your market and the home you will need to be prepared to bid high enough to make sure you get it if there are multiple offers. In my market there ussually are.
Best of luck!

Web Reference: http://jaaronsims.com
0 votes Thank Flag Link Thu Mar 21, 2013
If they accept your bid then any other bids would be as a backup to yours.
0 votes Thank Flag Link Thu Mar 21, 2013
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