Fannie Mae & Williams auction questions

[Fred Quimby]

My next door condo was recently auctioned by Williams and Williams on behalf of Fannie Mae with a seller acceptance clause. It was not an absolute auction.

It was on the market for over 6 months before it finally went to auction. The last listing price was $139K down twice from $149.

I went to the auction and I was one of two bidders. Bidding started at $10K. I ended up the high bidder at $45K and I was a cash buyer. I was well aware of the seller acceptance clause.

We were supposed to close in 30 days if offer accepted but the sale was put on hold due to the foreclosure mess. I knew the previous owner and he worked out an amicable foreclosure with the bank as he was out of work for over two years. He was not tossed out by any means. He left voluntarily but knew it was coming for months.

My offer has neither been accepted or rejected since the auction. It has now been 60 days since the auction. I have called twice but Willaims says they do not know what is happening other than it being on hold. Williams and WIlliams still holds my deposit of $2K. They said my offer is still active pending a return of the property for sale. I have two questions.

Does anyone know what is going on here?

Does anyone think my offer is even realistic?

The property is in Southern NH on the MA border.

Thanks.