Profile picture for user34340077

will homepath contact me if they do not accept my offer?How long will it take them to get back to me

I just put a contract on a Homepath house. I lowballed the property 29k. When I turned in the contract, I found out there was another contract on the property. I lowballed the property because I wanted them to counter offer. I didn't know that I was going to deal with other offers. My question is will they contact me if they do not accept my offer? Will they ask me to counter offer to see if I will bid more than the other offers? How long will it take them to get back to me? I put in the contract a week ago and have not heard anything. Also, the property is still showing up active on Homepath.com at this point.
  • May 15 2013 - Saint Louis
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Answers (16)

Best Answer

Fannie Mae counters everyone when they ask for Highest and Best.   Furthermore, if they rejected your offer, the listing agent should have notified your agent via homepath.com

Using homepath financing will be more enticing to the seller. However ultimately it is about what they will be netting the seller.  I would have your agent contact the listing agent, and/or their broker to see the status of your offer. If they say it was rejected I would consider resubmitting and raising your offer.

If you want, feel free to give my email to your agent and I can help with the homepath website, I am a Fannie Mae Broker as well. I'd be glad to help out.
  • May 15 2013
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Profile picture for Giuseppee
I put an offer on a Fannie Mae property yesterday.  The house has only been on the market for 1 day.   I put the offer in for the full list price but Homepath rejected my offer.  My realtor said that Fannie Mae is not looking at any offer for the first 3 days and she will submit the offer again tomorrow.  My question is is this a common thing for Fannie Mae to do??  Why wouldn't they just hold the offer for 2 more days while other offers come in? 
  • November 06
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Profile picture for chrisnpotts
Sebastian,

I see that you said that Fanie Mae will counter offer everyone once the highest and best offer has been asked for, however the paper that my realtor recevied says that the seller will either accept or counter offer ONLY to the offer that the sellers determines to be the best offer? is this something new since your post or do you know?


I have put in my highest and best but if my offer is not the bet offer4 I wonder if they will counter offer or not, according to you they will but according to the paper I seen I will not get a counter offer. do you know which will happen?

Thanks


  • May 31
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How so I be sure the listing agent submitted the offer to Fannie Mae this is my second bid with no response ?
  • May 21
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Profile picture for user34340077
This is for User8258690.

I ended up losing the house in a bidding war. They counter offered me 4 times and then someone came in and offered the whole listing price amount and I got bumped. I couldn't compete with that because I didn't want a huge mortgage payment. I have to admit Homepath is pretty quick getting back to the listing agent. However the listing agent was rude and gave vague responses to our questions. This house was 100% move in ready with lots of updates so it was worth the listing price. I was disappointed but working with homepath was easier than I thought. A house is only worth what the purchaser is willing to pay. So good luck!
  • August 13 2013
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We've found it is always a good idea to revisit the Homepath website to check on the status.

In our market there are usually multiple offers, and some REO agents are better than others in positng a response.

Your Agent should be diligent in following up with the Listing Agent for an answer - 

Good luck!
  • August 10 2013
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Profile picture for karenfabs
Noticed this thread and wanted to see how it turned out. We are waiting to hear back from an offer. We offered 40,000 below asking price, advised by our agent. The house listing shows nothing wrong (pictures are actually 6 months old of the exterior) with the house, despite the fact that there is a tree through the master bedroom addition. It is in the first look period so we really want a chance at rhis property before investors can get involved.
  • August 09 2013
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Profile picture for Margaret Blanton
Great question!  If you do not hear back on a Homepath property, that means you did not get it.  Most of these foreclosed properties are receiving multiple offers, over asking price.  They simply take the highest cash offer and move on.  The banks are so busy with these foreclosures that they usually price them to sell very quickly.  If it is still showing active on the mls, they are probably still accepting offers. 

For future reference, I would suggest offering your highest and best offer from the beginning and HOPE to hear back.  I put in offers for investors and myself daily.  We offer cash and above asking price every time.  We still do not get most of the properties we put offers in on.  You have to be very aggressive in this market.

I hope that helps!
  • May 15 2013
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Profile picture for user34340077
The listing agent has not been very helpful. My agent has only done one Homepath purchase so she needed help trying to submit the contract. The listing agent gave her no explanation and just asked if we got the confirmation number. The listing agent has not called my agent at all and it's been about a week now. The house was listed first in December. They listed it for $154K then they dropped it all the way down to $112K by February. They took it off the market for a month and put it back up for $139k and dropped it $129K about a month and a half later. I just found this listing at the $129K and offered $100K with 5% down and to show I was serious, i will be using Homepath financing instead of using a regular conventional loan. I really didn't want to put my max offer just yet because I know that they counter offer to the amount they would actually like and it's never the listing price. It's in St Louis, MO which the property isn't worth $129K so that is why I asked for much lower. Plus, there are some things that need to be done to the house. I just don't want them to ignore my offer because I didn't give them the offer of the listing price.
  • May 15 2013
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The listing agent will definitely know what is going on.  He or she is the person who transfers the information from homepath.com to Fannie Mae.  If its showing active on homepath.com then it is still available, because Fannie Mae changes the status on homepath.com not the listing agent.

Did the price go up 20k, after you submitted your offer? Did this happen about 3 weeks ago? Many Fannie Mae listings were transferred from the outsourcing companies back to Fannie Mae directly, so those property values were reassessed. If so, it could be wise to have your agent re-submit your offer, and perhaps even go as far as calling the listing agent to confirm that the offer has been received.  If the agent is uncooperative contact homepath.com at 1-800-7FANNIE

  • May 15 2013
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Profile picture for user34340077

Sebastian,
when do they let you know the date of the "highest and best offer"? My agent hasn't heard anything yet about anything at all. The house was on the market for a long time without any offers. At one point it was in the price range that I wanted to pay for the house. Then they bumped it back up 20K. I'm not sure why they did that. I'm just worried that I will never find out if my offer was rejected and I'm waiting for a house that will never be mine. Does the listing agent know anything about the bids on the house or does Homepath have to contact them to know what exactly is going to happen? How long does that process take?

  • May 15 2013
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The answer is it depends...

On Fannie Mae listings now, the listing agent can only send counters through homepath.com - the only issue is that if they already had asked for highest and best offers, you will either get notified to submit your "highest and best" by the due date (if it hasn't past) if it has past, the system will not notify you anything.  The listing agent should still submit all the offers to Fannie Mae.... You may end up getting a counter, or a rejection if they chose another offer.

Hope this helps.

  • May 15 2013
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Banks appraise houses before they put them on the market, They have a pretty good idea of what the home is or should be worth. Bank usually have a small percentage they are willing to deal on a home.

Low balling a bank usually does not get you a response, if you want the house you should make a realistic offer or walk away from the property because they probably won't respond to your offer of 29k under list price.
  • May 15 2013
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If you're working with an agent, they can call the listing agent to determine whether they're considering your offer. After a week, there should be some kind of news. Otherwise your agent should be in daily contact with the listing agent.
  • May 15 2013
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Profile picture for user34340077
Thank you for the information. This is my very first house I am purchasing. Unfortunately the one I wanted to put a contract one is a foreclose by Homepath. I just want to know if they do not accept my offer so I can look for other homes. Is there any I can find out if the offer has been looked and if it's under consideration at all? How long do they usually leave the propery active when there are bids placed on it?
  • May 15 2013
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Depending on the other offer, Homepath may open the home up to 'highest and best offer by X date'. Or they may accept the higher offer (or any other offer that's come in prior to acceptance).

Fannie Mae is not known for moving quickly, the may not counter offer and they don't always tell if you if you're offers been rejected - especially if they've accepted another offer.
  • May 15 2013
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