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First Time Homebuyer through Fannie Mae Homepath

Hi! I am a first time homebuyer who fell in love with a home in Los Angeles that is owned by Fannie Mae. The first time I offered it was already in a multiple offer situation. I passed the deadline and offered above list price (about 2%) but stated that I wanted 3% in closing costs which brought my offer down to about 3% lower than the list price. I also picked a later closing date and just out in a regular contingency in regards to inspections. I got countered the next day with a deadline of 24 hours to respond. They wanted 1000 more than I offered them. I revised my offer (with guidance from my realtor) to give them a quicker closing date, offer them 2% above listing price, I doubled my earnest money from 5% to 10%, along with not making them pay any of the closing costs. But the contingency of the inspection still stays. From my eye the condo is move in ready and I went significantly higher than the amount they countered me for. And through reading online I removed many of the hurdles to make my application more appealing. On top of that I am putting in an all cash offer and I am going to be owns occupying it when I move there within the 60 days I signed. This home has been price reduced because it has been sitting on the market for 60+ days. My agent says the bank should answer back tomorrow. I am in a sense of panic. Is my offer appealing enough that it should be fine? And if they accept my offer should I go right ahead with an inspection? If I go that route and find nothing seriously worth noting do I just give them the silent approval? I just am hesitant with this route because it is so complex. Are they generally quick to move on the closing dates? The listing agent has been very communicative with my agent so that isn't much of an issue.
  • February 23 2014 - Los Angeles
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Answers (1)

Andrew, You are already working with an agent and they should be guiding you through every step of this process. Also, since you already are teamed up with a Realtor®, it is against the Code of Ethics for other Realtors® to interfere with that relationship. Talk to your agent and express to them what you've written herein. In the end, while you can do your best to present a clean, attractive offer, there is no sure way to know exactly what is most appealing to any particular seller. Best of luck.
  • February 23 2014
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