Fannie Mae Multiple Offer Round

[Jared K.]

Hello,

I'm currently trying to purchase a Fannie Mae home using a VA loan during the first look period as an Owner Occupant. I made a full price offer the first day. They initiated a multiple offer round with bids due the 22nd. I bid 20% over asking with an additional 10K over appraisal. Now three days later my Realtor informs me that they are waiting for cash offers? I'd like to note that this home has been remodeled and appears to be in great condition and not have any issues come up during home inspection.

Fannie Mae states this right on their site:
"Our goal is to support neighborhood stabilization, which includes prioritizing sales to owner occupants and selling properties in a timely manner to promote stability and minimize the impact to the local community."

What am I missing?