made a cash offer on a fannie mae homepath foreclosure

Asked by Cuomo525, Alexandria, LA Wed May 22, 2013

The house needs a good amount of work. It has been on the market as an REO for 8 months. The past 4 months it has dropped consecutively almost 10% each month. We put a cash offer in for 40% less than the current asking price. I have been told there have been no offers on the house. The offer went in yesterday. When will I expect to hear back? Today we noticed on another real estate website that the house is scheduled for auction 6/6-6/9. What does that mean? I thought the bank already purchased it after the initial auction? Is it in there interest to take my offer or wait for it to go to auction. The website says the starting bid is $20,000 then our cash offer.

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Angela Korbin, Agent, Kansas City, MO
Wed May 22, 2013
If you put in an offer then you have to have an agent. That is who you should be asking. Your Realtor is your legal representation in this transaction. If the agent is also the list agent then she actually works for the seller, but should be able to answer all of your questions. Good Luck!
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