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Fannie Mae accepted our offer on a foreclosed home, is there still a chance they can take another of

  • June 06 2012 - Canton
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Answers (7)

Best Answer

Your offer is good until they cancel it. Fannie Mae is good about being on point with contracts. Therefore you can expect to be under contract until you breach it AND they present you with a notice to perform within 24 hours and you do not. Unless that has happened you are legally under contract.

Good luck !

Feel free to email, text or call me with any further questions!
  • June 07 2012
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Once your offer is accepted, you should remain under contract with Fannie Mae provided that you keep an eye on all agreed upon dates and fulfill your obligations.  They may accept "back up" offers but you will remain in first place.
  • June 08 2012
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Profile picture for MaryRichard
If it is a signed around contract then they cannot except another offer as long as everything is done by the timelines in contract.
  • June 06 2012
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Provided you comply with the terms of the contract both parties agreed to, you should be all set...they can't sell it to two parties.
  • June 06 2012
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A completed sale comtract has to be honofed by all partie unless there is failure of compliance with stated terms.
  • June 06 2012
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Once they have either signed and accepted the offer or signed a Purchase and Sale Agreement, they cannot accept someone else's offer.  Usually on a foreclosure, they do not sign the offer but will sign the Purchase and Sale Agreement.  However, before they actually sign the agreement, they could accept another offer, although it seems unlikely.  If you do not have a copy of the signed agreement, as your agent for a copy or ask when you will receive a copy of it.
  • June 06 2012
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Profile picture for Kwicks86
offer from somebody else?  Our offer is only contingent on us finalizing a mortgage.
  • June 06 2012
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