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Updated over 8 years ago on . Most recent reply

Reasonable Timeframe for an Offer for Fannie Mea Property?
My background: I'm 34 yrs old, started out as an RE agent in 2005. I love and have such a passion for real estate and every single component within the business. But, being a RE agent wasn't exactly for me. I would never regret a day that I became an agent because it was the beginning to a learning experience I would have not had other wise. I went from being an agent to teaching children with autism for 11 years and all my free time In between teaching went to researching all aspects of RE. I took a big risk and resigned 2 1/2 yrs ago to follow my passion and opened my own RE investment company. I invested in properties in 3 out of the 5 boroughs in NY leading me all the way to investing in the Philly market.
Now cut to Only 5 days ago, I had started to explore upstate NY for awhile now to widen my rental portfolio, I mostly flipped in the past and kept only 4 rentals. The only time I ever used an agent was to sell only two of my properties. I do all of the footwork myself.
Last week I find what I believe to be "a steal" in this specific area I'm interested in. I call the agent send my intent to purchase, bank statements, articles of org, etc. Everything she requested from me.
No response not even a conformation email from her.
So, naturally my anxiety starts to turn to frustration. I emailed her today a long (not rude) but stern email for her lack of responses. She emails me back one sentence "Preparing contracts for you to sign before I can submit" THATS ALL! Please can someone make sense of this for me. I never purchased a Fannie Mea to property and never had an agent have to write up contracts in order to submit an offer. I have waited 5 days for "ME" to have to contact her to get some sort of barring as to where my offer stands. I did some research and most of what I read said FM is fairly quick with a counter offer, accepted offer, or denial.
Sorry for the rant but as an investor most of us know that timing is crucial and my anxiety waiting for a response is even more crucial to my health, it's beyond frustrating for me lol. Thanks in advance!
Most Popular Reply

FNMA will not even consider your offer unless it is in writing on a star approved contract along with their 12 page or so addendum and proof of funds. There are no exceptions to their policy