I won an auction without meeting the reserve.

Asked by Aschemy04, Kenosha, WI Tue Jun 9, 2009

The auction company had my put down $7,000 and told me we would know if Fannie Mae would accept my winning bid or not in 15 days. What is the 15 days for? What are my chances of actually getting the house? It was listed for about a year at 209.000 and I won the auction at 147,500...Ive never done anything like this before so If anyone has any advice I'd love to hear it! Thanks.

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