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Put in offer on Fannie May REO

We put in an offer on a Fannie Mae REO home. They said there was multiple offers and gave us 24 hours to make our "best" offer. It has been a day and we have not heard anything yet. Why would it take so long past the deadline for them to let us know if our offer was accepted?
  • December 07 2012 - Town of Beloit
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Answers (4)

Hello User323758,
  Could be combination of many things. Most have been covered by the prior answer posts. Patience is the word for purchasing an REO from Fannie Mae or any other bank. Multiple offers could mean 2 or 20 or more offers .
 Takes time to digest offers, might require committee or servicer approval they are human too. They might be negoiating one of the offers and it's not yours.

Figure each offer is confidential between buyer/s and seller. Did your agent submit multiple offer form back to listing agent with your highest and best?
 Hope this helps.
Paul
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  • December 09 2012
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Fannie Mae properties take a little bit of time.  The asset manager that handles the property does things on their timeline, not yours as Johnny mentioned below.  The asset manager will take what makes sense for them and on their time frame.  If you want the house, you will wait and do what they want you to.  It is not uncommon for them to take several days to select the offer they want to work with and then take up to a week to actually execute the contract so that you have a written binding agreement.  Of course with it being the weekend now, you probably will not hear anything until Monday if a decision was made.

Good luck to you!
  • December 08 2012
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Happy Saturday, there could be a few reasons,
1.) another offer was accepted
2.) they have not reached a decision yet

Your Realtor can check with the listing Realtor for updates and let you know.
Congratualtions for being in the market to buy, be patient there actually alot of of buyers buying right now, good luck.

Wade
  • December 08 2012
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They gave you 24 hours to submit your best offer, you did not give them 24 hours to respond to the offer.
  • December 07 2012
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