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...
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.
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.
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.
+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.