Home Buying in Ames>Question Details

Jimmy1818, Home Buyer in Ames, SD

I bid on aFannie house. Lost bid at full asking price . Will bid higher. Does FM accept more offers? house is in Wa. state

Asked by Jimmy1818, Ames, SD Fri Feb 25, 2011

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That's odd! They must have had a higher offer. What type of financing/down payment was in your terms?
0 votes Thank Flag Link Mon Feb 28, 2011
That is suprising to miss out on a full price offer but then again Fannie Mae seems to be pretty aggressive with their pricing lately so they may have received another, higher offer. The only thing you can really do is to have your agent verify whether or not they have accepted another offer. If not, you may submit another offer and re-start the process. If so , you can be in line as a back-up but they may not actually sign off on it. Typically there is notice though from FM if there is a multiple offer situation and they ask you to re-submit your highest and best offer. If that didn't happen, this is unlikely but perhaps the seller simply took their time and your offer was timed out of the system (I've had that happen- although with Freddie Mac) and you need to resubmit. It's true that part of buying a foreclosure today is having to be patient and play ball with their obscure "processes" that don't always make sense or seem fair to us on the other side. Be sure your agent is on top of it. Hang in there.

Jennifer Nilssen
TEC Real Estate
0 votes Thank Flag Link Sat Feb 26, 2011
Jimmy, What both of the other agents is right. If you have an agent, you should be talking your agent about this. If you put in an offer without an agent, or if the agent you used does not understand how Fannie Mai offers work, find an agent that does and start working with them. It will not cost you anything & will prevent these sort of things from happening. If you need help with another offer or with a loan, or any type of advice, just let me know.
0 votes Thank Flag Link Sat Feb 26, 2011

Did you receive the FNMA Multiple Offer Notification and Acknowledgement Form. If you did then you may have been outbid. You can have your agent submit another offer, but FNMA may have accepted another offer and sent out the Bank Addendum for signatures. If this is the case then your offer will be a backup offer. I would have the Selling Agent call the Listing Agent and ask if a Purchase Contract is in the process of being ratified, or not.

Best of Luck.
0 votes Thank Flag Link Fri Feb 25, 2011
Dear Jimmy,

Dear Jimmy,

You can submit offers as many times as you want in a typical situation where the FNMA property is listed. I'm curious what the situation was that you "lost bid" at full asking price. There must have been other purchase and sale agreements presented or, I wonder if you made a "bid" at an auction site since you used the word "bid".

if you want to contact me directly and explain the situation in more detail, i can make some next step suggestions for you.

Warm Regards,
0 votes Thank Flag Link Fri Feb 25, 2011
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