Fannie Mae Foreclosure purchase question (agent, accept, price, renting)

[nimi5517]

I have a question in regards to a Fannie Mae home I just put a bid on. I bid on a home 3 days ago that has been listed for 7 days (so still within the First Look period). The selling agent submitted all additional documents to FM (earnest check, preapproval letter, etc) and called to confirm I was renting and didn't own the day I submitted my offer.

I have not heard anything as of yet. My question is can FM still accept other offers after I have submitted mine? Could they be waiting to see if there are other offers before responding? I put my initial offer in at 90% of asking price.

Any advice would be much appreciated.

[rjrcm]

Originally Posted by nimi5517

...My question is can FM still accept other offers after I have submitted mine? Could they be waiting to see if there are other offers before responding? I put my initial offer in at 90% of asking price....

Yes, they can review other offers, and yes, they may be waiting for other offers before responding.

[NinaN]

And Fannie Mae is notoriously slow to respond. And if they choose your offer, they will probably counter higher (that doesn't necessarily mean they won't take your offer, they just want to get as much as possible.)