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I put an offer on a Fannie Mae Homepath home. They came back to my agent

with submit your best offer because its a mulit offer situation. Since I have missed out on several homes that go for more than asking price I offered 3k more than asking and also only for them to pay 1.2% ($1500) of closing costs. My agent got an email from Homepath last night at 6pm stating that my offer was going to be countered and for her to contact the listing agent within 24 hours for details. I got excited and she has been trying to contact the listing agent for 18 hours and has had no response. I am worried. How can we accept when we don't know what the counter is and since I offered MORE than the listing price how much more may the counter? They won't be offering anyone else a counter offer would they? I will be so upset if I miss out because the agent won't call back. We have about 8 hours left to respond. What could be taking so long?
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May 03 2012 - Seattle
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I do a lot of work for HomePath listings, and it's unfortunate you are not getting a response from the listing agent. The buyers agent should call the listing agents managing broker if you still can not get a hold of the listing agent for details. It is very possible another buyer may have gone over asking price as well, and obviously Fannie Mae is going to want to get the best offer and terms possible. If there is anything you can do to strengthen your offer (perhaps higher earnest money or quicker closing) it would be a good idea to make those adjustments if you really want the place. Otherwise, you guys just need to hang tight and keep trying to reach the listing agent for details on the response. The listing agent should be able to put your buyers agent in the loop on what is going on, and so your agent needs to find a way to reach the listing agent. If you feel you guys might lose out on the house because the listing agent is not responding to you, you can always call www.homepath.com direct and let them know the listing agent is not clearly communicating to you.
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May 03 2012
I have worked on a few Fannie Mae/Freddie Mac owned homes and have been similarly frustrated with the lack of response.  I think it is because the listing agents usually specialize in bank owned properties and just have so many listings that they cannot adequately service them all in a timely fashion.  I would suggest having your agent, first, put everything in an email to the listing agent, including the number and times of her calls and your intention to further negotiate the purchase and two, try to find out which of the listing agents assistants is handling the file.  If she can get that information, the subject line of her emails should always include ATTENTION (assistant's name). I found this to really help communication.  Good luck!
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May 03 2012
Fannie mae deals are as good or bad as the agent processing them. I had fannie mae approvals in less than 24 hours, offerd made on a Sunday and other frustrating situations. If the deal is worth it, patience is the name of the game. Best of luck.
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May 03 2012
 
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