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Put an offer on Fannie Mae property....

We put an offer on a Fannie Mae property Thursday. Friday, we were told there was a multiple offer situation, and we put our best offer in. I know, we won't find anything until the earliest, Monday. My question is, during the weekend what happens if other offers are made? Do they look at offers as first come, first serve. Meaning, if our offer was first and they liked it, would they have to accept ours or would they look at all offers and accept the best one? Thank you in advance!
  • April 12 2014 - US
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Answers (4)

Typically the bank will look at all offers - and nothing is set in stone until it is signed which can take longer than a few days - depending on the amount of offers and many other factors. If you want the house - get a good Realtor to represent you and will go to bat for you - A full price or higher cash deal no contingencies is most likely the best deal - Get a Realtor - it will not cost you anything and you are better represented.

Good luck!
  • April 13 2014
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I have seen offers with Fannie and others that although the price was better they took another one based on something they saw in the terms such as owner occupant (Their Preference) vs. Investor, or cash vs financing, or outside financing vs. homepath mortgage.  It is anybody's guess which will be the winning offer
  • April 12 2014
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Profile picture for wetdawgs
No, it is not a first come first served.   If there are multiple offers on the table, they evaluate all the offers and take the best one. 

Good luck!
  • April 12 2014
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Hey User4757339,

I do a lot of foreclosures and how most bank handle multiple offers is they'll put a date out by which everyone has to submit there final, highest, and best offer. then after that they choose the best one. 
Good Luck.
  • April 12 2014
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