Fannie Mae sitting on offer

[Traci Lovelace]

So, my husband and I have never successfully purchased a Fannie Mae property.

We have an offer in now on a property that has been on the market since 4/26 and the price reduced for the first time on 6/3. Our offer is greater than 80% of the list price. Other offers have been rejected recently over things like requesting home inspections, or lack of EMD, such as an offer competing with ours. Ours is cash, closing in 30 days.

Our agent said the asset manager is sitting on our offer, probably hoping for a higher offer to come in.   We are prepared to go up a little on price but his advice is to wait a bit, which means over the weekend.  If another offer comes in, they may not call for highest and best.

This is stressful.  Should we be looking to raise our offer at this point or just hold on?  TIA

[Rich Vogel]

@Traci Lovelace

I have actually been able to put accelerators ( thats what I call them I don't know what the professional term is. )  So if my bid is 100k right now I will say starting at 100k i wanted to go up by $100 installments up to 105k.  So if someone comes in and offers 103k my offer would go in as $103,100. Hey your realtor ask and see if they offer this on this deal.  I try and do it on every deal but some deals wont allow it. 

Thanks

Rich Vogel