topic Re: Homepath Multiple Offers STRESSED OUT!! in Mortgage Loans

Homepath Multiple Offers STRESSED OUT!!-UPDATE

FSUGAPEACH — Mon, 13 Feb 2012 19:50:00 GMT

So DH and I put an offer in last night on a homepath Fannie Mae foreclosure. It is our absolute dream house and a bargain. My dad who is our agent contacted the listing agent this morning and there are multiple offers on the property. My question is this...how would we have known this if our agent wouldn't have called?? I'm so stressed because we really want this house and we have no idea who we are up against in this bidding war! We have actually offers $1K over asking to get them to accept. Anyone had any experience with a REO property?

Re: Homepath Multiple Offers STRESSED OUT!!

Anonymous — Fri, 10 Feb 2012 16:51:51 GMT

I don't have experience but my wife and I fell in LOVE with a HP home foreclosure they where asking just $140000 but get this because of the multiple offers it ended up selling for $180! We are in the pre approval process now and what your going through is exactly what we are worried about especially my wife....I have heard that your realtor should be able to pull the foreclosure list and you should be able to know the home is for sale before its listed on the market...

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Fri, 10 Feb 2012 17:20:30 GMT

That's what I'm afraid of! Our max is $280K and we offered something odd like $280,125.00 with 3% closing. Homes in that area are selling for the high $300K's... I guess time will tell but in the meantime we are a bucket of nerves

Re: Homepath Multiple Offers STRESSED OUT!!

Annaliese — Fri, 10 Feb 2012 21:11:58 GMT

We are 'under contract' with Homepath Fannie Mae property right now and it is stressful! We watched the price from $160,000 down to $110,000 so we submitted our offer and they accepted it. They will also pay $2500 towards the closing cost. I completely understand that you are stressed out especially when you find out there are multiple offers - have your agent contact the listing agent for updates and sometimes they might tell you multiple offers just so you will bid more than the listing price. I hope yours get accepted! Did you guys submitted the offer online?

This is just the beginning of the process so prep yourself.

Good luck and keep us posted.

Re: Homepath Multiple Offers STRESSED OUT!!

Booner72 — Fri, 10 Feb 2012 22:13:43 GMT

I closed on a Fannie Mae Homepath on August 17 and it was a great process - They were timely and we closed before we thought we ever could. We got ours for only 4K under asking price. And the appraisal came back 7K higher than we paid.

Sorry you are in a bidding war - but maybe this is a good sign that housing prices are coming back up??

I watched tons of HGTV and what the Property Virgin realtor who deals in Canada said (Tons of multiple offers up there) - put in your very best offer that you are comfortable with from the get go. That way you know you did everything you could. The rest is up to fate.

Good Luck - let us know how it turns out.

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Fri, 10 Feb 2012 22:46:14 GMT

Thanks guys! My agent (who is also my Dad) dropped off our counter offer this afternoon to the listing agent and the listing agent said we had a great offer. I'm trying not to read into that too much but it was encouraging! We are paying about $500 over asking and put down 1% of the purchase price for our earnest money. I will keep everyone posted!

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Mon, 13 Feb 2012 19:52:48 GMT

Agent called listing gent and we are 1 out of 4 offers!!!! I'm soooo stressed! This house is too perfect! We should Have an answer by tomorrow. Anyone want to take a shot at our chances? List price is $279,900 we offered $280,125 plus 3% closing cost and put $2,812 for our earnest money.....I'm going crazy with the not knowing!!!!!

Re: Homepath Multiple Offers STRESSED OUT!!

Anonymous — Tue, 14 Feb 2012 00:30:11 GMT

I bought a Homepath house last Sept and I was totally stressed out about the multiple offer situation as well. I upped my offer to 5k over asking, and my bid was accepted. Later that week the listing agent reneged and told me they had a better offer and it was considered a multiple offer situation again, and wanted me to up my bid. Long story short, I stood my ground at the same price and got the house. My personal feeling is that the listing agent and/or Fannie Mae inventory manager were just trying to scare me and get me to up by bid again. It's tough to tell since when it's all said and done you have no proof if there really were other offers at all.

I found that by calling Fannie Mae directly, that the house was mine all along since my first bid was accepted and entered in their system which stops future offers.

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Tue, 14 Feb 2012 00:40:39 GMT

You can call FannieMae directly? I had no idea! That is good information to know. What info would they disclose to you?

Re: Homepath Multiple Offers STRESSED OUT!!

Booner72 — Tue, 14 Feb 2012 01:10:07 GMT

+1 on calling directly. They have a 1 800 # on their website for people to call who think they are being outbid by investors - for those in the "first look" period.

We put in our offer on a Thur and that Monday, my realtor called and said that our offer was rejected, not countered, and we were the only ones in.

So I called the #, and was told that it was OUR offer that was in, just countered back from Fannie. So then I raised hell and the listing agent got his arse chewed.

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Tue, 14 Feb 2012 14:34:28 GMT

I just called and FannieMae said my offer is still pending!!!!!!! Noooo duh!!!!!!!! I was wanting a little more information then that!!!!!! Ugh!!!!!!!!

Re: Homepath Multiple Offers STRESSED OUT!!

Anonymous — Thu, 16 Feb 2012 19:05:30 GMT

When I called, they were very nice and documented my concerns about what I perceived as games the listing agent was playing. They also escalated my complaint on their end. They let me know my bid was accepted and no matter what the listing agent was saying, the deal was done as far as they were concerned since my offer was accepted.

I will say the listing agent got very upset when he heard from Fannie Mae (since he felt I was going over his head) which caused more threats to put the house back on the market. It seems clear in hindsight that he may have just been trying to get me to outbid myself.

Re: Homepath Multiple Offers STRESSED OUT!!

Anonymous — Thu, 16 Feb 2012 19:07:44 GMT

@Anonymous wrote:
I will say the listing agent got very upset when he heard from Fannie Mae (since he felt I was going over his head) which caused more threats to put the house back on the market. It seems clear in hindsight that he may have just been trying to get me to outbid myself.

Good lord.

Some people are just shady.

Re: Homepath Multiple Offers STRESSED OUT!!

FSUGAPEACH — Fri, 17 Feb 2012 19:40:09 GMT

I have been so busy preparing paperwork for UW but offer was formally accepted on Wednesday and we are officially under CONTRACT!!! Woohoo!!!!

Re: Homepath Multiple Offers STRESSED OUT!!

my25reasons — Fri, 17 Feb 2012 19:49:25 GMT

Awesome! Congrats!!

Re: Homepath Multiple Offers STRESSED OUT!!

Annaliese — Fri, 17 Feb 2012 22:17:48 GMT

That's great news and now you can enjoy the weekend =)

Thanks for the update!

Re: Homepath Multiple Offers STRESSED OUT!!

Anonymous — Sat, 18 Feb 2012 05:06:20 GMT

I am in the same boat. I put in an offer on a home here in Vegas that was initially listed in October at $69,900, they dropped the price 2 weeks ago to $59,900. My agent called about it and was told they had multiple offers (it really is a great house- built in 1995, 2 story, 3 bedroom 2 1/2 bath, all appliances, 2 car garage, back yard(rare in Las Vegas), and move in ready in an HOA neighborhood). I had to put in my highest and final 2 days ago... and offered $64,501 plus I cover all my closing costs. My initial offer was asking price and I cover closing. I haven't heard anything but the listing now says off market pending offer. I think it's a Fannie property, I'm going to call my agent tomorrow to double check. I honestly don't think it will appraise for what I offered and hope that they'll give it to me at the appraisal price if there isn't some cash investor that snakes his way over me.

Question for those who have gone through this issue: How long until you were notified if your offer was accepted or rejected?