How long does Fannie Mae typically suppose to take before responding? We were counter offered just over a

Asked by Karen, Arizona State University, AZ Thu Mar 26, 2009

week ago and we countered back the same day. We haven't heard anything from the bank yet but the seller representing the bank turned on the water to the house 2days ago for us. Does that mean we pretty much got the house? We're getting nervous because it's taking so long. The house is a forclosed home.

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Carlos Ramir…, Agent, Mesa, AZ
Thu Mar 26, 2009

It really depends on many factors. Your agent should be the best source of information for this since he will have all the information available.

A counter offer in many cases can be considered as their acceptance - unless there are multiple offers. Although that will not be legally binding until you get the other set of documents executed by them. Remember that the seller's agent represents the bank and his loyalty and everything he does is towards the bank not you. He will not lie to you, but what is going on might be confusing and misinterpreted by you.

Again please talk with your buyer's agent, he will be able to guide you through every step of the process - which can be very confusing (and tricky) especially when dealing with foreclosures. Don't rely just on the sellers word!

ABR - Accredited Buyer Representative
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Aaron Morrow, Agent, Garland, TX
Thu Mar 26, 2009
It can take as long as two weeks to get the changed contract back, but generally they will give you a verbal response in a few days. They would not dewinterize the home though until they had a contract that was accepted due to the fact that the buyer pays for dewinterizing of the property and to winterize it again after inspections, as well as the lock changing at the end. I would have your agent call the listing agent to find out what is the status. Thanks!
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