Profile picture for lemc309

We made a "good " offer on a homepath home with 5 days left on the first look. It was rejected. I th

We made a "good " offer on a homepath home with 5 days left on the first look. It was rejected. I thought we would at least get a counter offer. I was told there is an offer waiting to be accepted is why ours was rejected.  I thought when there were multiple bids you were asked to resubmit your best offer. Is this true? We have an agent and it's not her listing.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013 - Middletown
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (11)

I would have your realtor call the agent and see if you can resubmit a higher offer. If it stills shows active in homepath you still have a chance. Better submit your highest and best if still open
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2013
I sell a lot of home path properties. I have multiple investors I work with. If you are to far off the price they'll just reject your offer in the first 15 days. One thing that I've noticed in the last 2 years is that the banks have gotten smart and are appraising the homes instead of just relying on BPO's. That's why with the homepath 3% down if you do that then the appraisal is already covered. The definitely don't negotiate very much at the beginning. You're better off asking for closing costs. I don't know why but they'd rather pay that then money off the sale.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 22 2013
The Fannie Mae listing agent has to initiate a multiple offer round in HomePath to notify all the agents that have current offers to send in their Best and final offers. The first look period just means that only owner occupied offers can be considered, FNMA agents can start sending in offers after day 4 of the first look period.  It sounds like in this case other offers had already been received in Homepath prior to yours and one may have already been sent in for consideration.  In competitive markets many times you only have one chance to put in your best offer, so its usually best to put in your best offer, especially when properties are new to the market.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
Listing agents for Fannie Mae properties may not advertise they have verbally accepted an offer until paperwork is received and all parties have signed off. Therefore, the property still looks actively listed and many agents will still show it not knowing an offer was already accepted and they are just waiting on all the papers. If I show a property that I know won't last long on the market, I'll call the listing agent and ask if they are working with any offers ahead of time. Usually, they let me know and then I'll tell my client and advise if we make an offer, we may need to go in "strong" to be considered.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
It was a "good" offer, just not "good" enough.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
Well, usually Fannie Mae listings or properties, the listing agent gives you a second chance of the offer...unless they have already accepted a very good offer that the offered price is way higher than the other offers, also good terms like no inspection, etc...closing in 10 days with full cash, etc.... It is true that Fannie Mae listing agents give you a second chance to resubmit your offer.  However, I have found out in today's market who ever makes the offer first gets more attention.  In order to be a good offer, it has to be less contingencies, no financing contingency, no inspection contingency and the price has to be reasonable as well.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
Most times, but if the bank got an offer it liked then I am sure they took it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
Profile picture for wetdawgs
The most competitive offer on a homepath listing is all cash, above listed price, no contingencies, quick close.     It is quite possible you were out bid.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
If the other offer could have come in hours or minutes after yours.  If it was higher or had better terms the bank may have decided it was more worthy to focus on countering or accepting that one.

When trying to buy a foreclosure you are often competing against cash offers.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
It sounds like "highest and best" was called before your offer was submitted. I have had this happen before. A conscientious listing agent will inform buyer's agents when they have submitted an offer after the highest and best call, though they are under no obligation to do so. It is hard when you find a house you like and you miss the opportunity, but don't despair as another one will come along. Probably one you will like even better! Avoid the temptation to measure all other houses against the one you lost. Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
The listing agent for the bank should of informed your agent(buyers agent) of a multiple offer situation. A form requesting highest and best from all interested buyers with offers ,should of been emailed to all buyers agents. I would ask your agent why you were not informed of a multiple offer situation and given an opportunity to come up with highest and best.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 15 2013
 
Related Questions
We made a "good " offer on a homepath home with 5 days left on the first look. It was rejected. I th
Profile picture for Shannon Thomas
Latest answer by Shannon Thomas
November 10 2013 | 11 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 8935 W County Road 700 N, Middletown, IN Home For Sale
    8935 W County Road 700 N, Middletown, IN 47356

     For Sale: $104,900

    • Beds: 3
    • Sqft: 1824
    • Baths: 2.0
    • Lot: 25700
  2. 202 W Main St, Sulphur Springs, IN Home For Sale
    202 W Main St, Sulphur Springs, IN 47388

     For Sale: $89,900

    • Beds: 3
    • Sqft: 1434
    • Baths: 1.0
    • Lot: 10530
  3. 211 Mcshirley St, Sulphur Springs, IN Home For Sale
    211 Mcshirley St, Sulphur Springs, IN 47388

     For Sale: $99,500

    • Beds: 3
    • Sqft: 1500
    • Baths: 1.0
    • Lot: 26136