Fannie Mae offer accepted! Stick with it or pull out?
I have been searching for my first property day in and day out for about two months now, and with the market being incredibly competitive where I live, I managed to get approved for a perfect flip house by the blood bath we call Fannie Mae!
Incredibly exciting, until I found out that the GC I had lightly spoken to takes half a day (or even a couple of days sometimes!) to respond, and does not call when he sets out to etc., making me uncomfortable when it comes to working on something so time-sensitive as a rehab. I met with a bunch of GC's today for a full walk-through and met some great professionals with investor-friendly, reasonable prices. Noone was able to do the work for the same amount that the other GC had offered, which was about $8,000 less than my best offer (who happened to be the most experienced as well). The numbers simply do not work anymore. I have one GC who is going to run all of his numbers tomorrow to see how much lower he can go, and I'll see if I can squeeze something in that way…
Otherwise, does anyone happen to know what would happen if I try to lower the offer that was accepted by Fannie Mae? A large corporation like that would just scoff and move onto the next, correct? Fyi, the comps and everything else really is superb, even with lowering it I would still be offering 20k above listing. No idea what their other offers were though.
I would feel beyond ashamed pulling out for my hardest-ever working Agent... But I have to remember it's always numbers over emotion! Would love your feedback.