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

[Traci Lovelace]

Update:  Fannie did indeed sit on our offer until another offer came in.  Then called for highest and best.

They accepted our offer this morning.  The property was listed at $105k.  The other bid was $100,100.  Our bid was $93,160.

Cash is king.  The other offer was a hard money loan and they couldn't close by the end of the month.

If it actually closes, this will be our first Fannie success.