Thanks for your response. I made an offer 10 days ago through a real estate person who told me on thursday that she hasn't heard from the bank. I know I should have writtten in the offer that it expires within a certain time. From now on, it will be standard procedure.
Since I never had any dealings with Fannie Mae before, I wondered if this 10 days without an answer is normal. The offer was $3,000 less than the asking price of $70,000.
Thanks again.
If it's been more than 10 days, then one of three things has likely happened:
1) You offer was rejected and for some reason, the agent doesn't want to tell you.
2) The agent is doing their job and following up with the lender to determine if the offer was accepted or not (this is definitely happening).
3) The agent never submitted your offer in the first place and is just stringing you along until you leave.
In any event, count this as a "no deal," and move on. Give this agent a typed letter simply stating that your offer on the property is being formally withdrawn. If you still want to make an offer on the property, I'd suggest that you find another agent that is a bit more proactive for their clients.
Thanks everyone who responded to my question I really appreciate it I called the agent this evening and she told me they (Fannie Mae) accepted another offer for more money and no home inspections. When i asked why i was not afforded the opportunity to counter offer, the agent got nervous. I said i wanted to counter and she said she would call the Fannie Mae rep on Monday to see if it is possible. She also said she wanted me to look at the inside of the house becasue at the time i saw the exterior she would not let me go inside saying it was not cleaned out. . For this reason, I made the offer with the home inspection contingency.
I am pretty upset at this strange and fishy behaviour.
Would most of you walk away or go back and look at the house? Profit potential is about $20k.
Thanks so much.
Helen
I had a similar experience here in NC with a Fannie Mae property. I ended up calling Fannie Mae directly. I found a number at www.homesteps.com, the Fannie Mae website where you can reach someone at corporate. I talked with them directly and found out that another offer was on the table and I was able to counteroffer. Their agent here was much more responsive after my contact with Fannie Mae. I didn't buy that property but I definitely found out that the agent's behavior was NOT proper procedure. Turns out the agent held my offer until he got a bigger one. Good Luck.
I am an accredited agent with HUD who out here in LaLa land handle all of the Reo's of FHA etc etc. We do most of our work on line. I get an offer, I write it up and take a deposit and then submit the offer on line at the designated bid time. they check it out and up it pops. Mostly I do not get the propertys as most of them are being played with way over the levels I can allow my clients to go. I have not been active lately as I have seen nothing of any value and the lower priced properties are in areas away from my designated area of expertise.
As I said almost everything is done on line and fast.
We market alot of Homesteps properties here in Oregon and I can tell you that if there are multiple offers Homesteps has a Multiple Offer form that they have everyone sign before they will look at any offers whatsoever. I am surprised that the listing agent on your offer did not have you do this. At any rate, it usually takes about 48 hours for a response from Homesteps (who is the agent for FreddieMac). Usually they do not counter. They present verbal counters until an agreement is reached verbally and then an addendum is signed with the new agreed upon terms. If there are multiple offers each buyer is notified promptly and ask to make their highest and best offer. If your agent was the listing agent I would complain to the principal broker. Some listing agents are really lazy. It is so irritating to a buyer's agent when no one responds to an offer, not even with a rejection and I have had that happen too. There is no excuse for that kind of sloppy and lazy work.
Fannie Mae takes offers only from approved real estate agents.
If you're wanting a response in a specific time period, then make that part of the offer when you present it.
example: This offer will expire in 48 hrs.
Roger
Thanks for your response. I made an offer 10 days ago through a real estate person who told me on thursday that she hasn't heard from the bank. I know I should have writtten in the offer that it expires within a certain time. From now on, it will be standard procedure.
Since I never had any dealings with Fannie Mae before, I wondered if this 10 days without an answer is normal. The offer was $3,000 less than the asking price of $70,000.
Thanks again.
Usually you should hear back within 48-72 hours not including weekends and holidays. 10 days sounds fishy to me
10 and no responce sounds like they passed. But if your offer does not have a time dead line it may still be good.
If your ready to move on get with your agent to find out what you need to do to make sure that this offer is no longer out there.
Helen,
If it's been more than 10 days, then one of three things has likely happened:
1) You offer was rejected and for some reason, the agent doesn't want to tell you.
2) The agent is doing their job and following up with the lender to determine if the offer was accepted or not (this is definitely happening).
3) The agent never submitted your offer in the first place and is just stringing you along until you leave.
In any event, count this as a "no deal," and move on. Give this agent a typed letter simply stating that your offer on the property is being formally withdrawn. If you still want to make an offer on the property, I'd suggest that you find another agent that is a bit more proactive for their clients.
Roger
I got immediate feedback when I made offers (rejects & accpeted). You're agent dropped the ball.
Thanks everyone who responded to my question I really appreciate it I called the agent this evening and she told me they (Fannie Mae) accepted another offer for more money and no home inspections. When i asked why i was not afforded the opportunity to counter offer, the agent got nervous. I said i wanted to counter and she said she would call the Fannie Mae rep on Monday to see if it is possible. She also said she wanted me to look at the inside of the house becasue at the time i saw the exterior she would not let me go inside saying it was not cleaned out. . For this reason, I made the offer with the home inspection contingency.
I am pretty upset at this strange and fishy behaviour.
Would most of you walk away or go back and look at the house? Profit potential is about $20k.
Thanks so much.
Helen
I had a similar experience here in NC with a Fannie Mae property. I ended up calling Fannie Mae directly. I found a number at www.homesteps.com, the Fannie Mae website where you can reach someone at corporate. I talked with them directly and found out that another offer was on the table and I was able to counteroffer. Their agent here was much more responsive after my contact with Fannie Mae. I didn't buy that property but I definitely found out that the agent's behavior was NOT proper procedure. Turns out the agent held my offer until he got a bigger one. Good Luck.
I am an accredited agent with HUD who out here in LaLa land handle all of the Reo's of FHA etc etc. We do most of our work on line. I get an offer, I write it up and take a deposit and then submit the offer on line at the designated bid time. they check it out and up it pops. Mostly I do not get the propertys as most of them are being played with way over the levels I can allow my clients to go. I have not been active lately as I have seen nothing of any value and the lower priced properties are in areas away from my designated area of expertise.
As I said almost everything is done on line and fast.
Lucius
We market alot of Homesteps properties here in Oregon and I can tell you that if there are multiple offers Homesteps has a Multiple Offer form that they have everyone sign before they will look at any offers whatsoever. I am surprised that the listing agent on your offer did not have you do this. At any rate, it usually takes about 48 hours for a response from Homesteps (who is the agent for FreddieMac). Usually they do not counter. They present verbal counters until an agreement is reached verbally and then an addendum is signed with the new agreed upon terms. If there are multiple offers each buyer is notified promptly and ask to make their highest and best offer. If your agent was the listing agent I would complain to the principal broker. Some listing agents are really lazy. It is so irritating to a buyer's agent when no one responds to an offer, not even with a rejection and I have had that happen too. There is no excuse for that kind of sloppy and lazy work.
Thanks everyone for your great advice and insight. I really appreciate it
Helen.