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Accept another offer?

We were under contract with Fannie Mae on a foreclosure home. The bank ran out of time in securing a mortgage for us and we lost our dream home :( Fannie Mae says they will most likely relist the house- we have already started to apply for another mortgage-what are the odds that Fannie Mae will accept another offer from us?
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August 07 2012 - Canton
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Yes, we asked for two extensions, which were accepted.  The reason we were denied is because the bank needed even more time to verify a deposit to our account from my fiance's employer [which was deposited only 2 weeks before closing].  The new banker we are working with [which we told him exactly what happened] said he could get us a mortgage in 4 weeks.
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August 07 2012
To be honest, it depends. Did you ask for an extension? Why couldn't the first bank fund the mortgage? Is it an issue that is going to pop right back up again? One spends so much money during the inspection/appraisal process that if I were you, I wouldn't pursue it unless you can get a mortgage company to say the only thing that would stop you from getting a mortgage would be a problem with the house.
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August 07 2012
 
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