Updated over 9 years ago on . Most recent reply
Trouble with Fannie Mae
I'm having some trouble with purchasing a Fannie Mae property that was in the first look period when I made a full price cash offer offer as an owner occupant. There were 6 days left in the first look period when I made the offer, Fannie Mae countered two days later that they would take the offer but I had to confirm that my offer was not contingent on my house selling(it wasn't) so I confirmed. That was last Thursday at 11 a.m. and they have yet to acknowledge that I accepted their counter. Worse, today was the first day the property was open to investors and they received 8 offers! The broker doesn't seem to have any idea if Fannie Mae will accept my offer, make it a multiple offer situation with the investors or take the best investor option. Has anyone dealt with a similar situation? Is there anything I can do or any way to contact Fannie Mae directly? What is the point of a first look period if they are holding or turning down full price cash offers?