I bid on over asking price on a Fannie Mae Foreclosure 5 days ago. This was the second offer I submitted. How does it take for Fannie Mae to respond?

Asked by tomilynward, Homestead, PA Fri May 10, 2013

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Jeffrey Benn…, Agent, Pittsburgh, PA
Fri May 10, 2013
Is this through HomePath? If so, your agent will be able to tell you the status. There is no notification if your offer is rejected; the agent needs to log in and check the site. They will only tell you if you're countered/accepted, or when there are multiple offers. If this is your second offer (presumably on the same house), then apparently you've gone through one multiple offer round and have revised your offer.

Fannie Mae does whatever it pleases! Typically they'll answer in 3-5 days, but there is no guarantee at all. Prices are all over the place, and it's not uncommon for houses to go over list price.

They will typically counter the best offer, and negotiate with that buyer until they reach agreement or impasse. That *might* be what's happening here. If your offer was not the best, Fannie Mae could be negotiating with the other buyer, waiting for proof of funds or other documents, etc. If they haven't rejected you, you're still in the running.

If they accept another offer, the status will change to rejected, but your agent will have to check it to see that. If they reject the "first" offer, they might do another multiple offer round (e.g., if they got other offers in the meantime), in which case you'll be notified. Or your offer could move into first position, in which case you'll get an acceptance or counter.

Good luck!
2 votes
Brian Teyssi…, Agent, Pittsburgh, PA
Sat May 11, 2013
Thanks for posting your question on Trulia.com!

ha ha, man, it could take forever! I repped buyers AND myself & it was frustrating.

Be patient. My last buyer's took about a week.
Web Reference:  http://www.brianteyssier.com
0 votes
tomilynward, Home Buyer, Homestead, PA
Fri May 10, 2013
Thank you...Hopefully I am still in the running...but the wait is hard! My agents have been on Homepath...my offer has not been rejected.
0 votes
Denise Bruno, Agent, Canonsburg, PA
Fri May 10, 2013
As a realtor we have no idea how long they will take to get back to you. It can be wks, months, or not even tell you at all. It's all part of the process on buying any Repo. I hope you hear back real soon. Sorry I could not be more helpful.
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