Purchasing Fannie Mae HomePath, Getting Their Attention Early

[William Coet]

Hello,

A relative wants to buy a fannie mae homepath home for owner occupancy.   The home has not yet been listed, but we know the realtor who will be lisitng it.  We contacted the realtor today and he said it should be listed within a week.  Our questions are as follows:

1.  Is there anything we can do to get our offer in first (have an offer filled out with realtor prior to listing, etc) and catch the attention of fannie mae by making it more desirable than potential competition for the property (cash offer, proof of funds, etc)?

2.  Does Fannie Mae have a waiting period while they review offers?

3. Does Fannie Mae have a percentage lower than the listing price that they typically accept? (I remember HUD doing this).

Thank you, and any suggestions for getting an early offer into Fannie Mae that they will accept would be greatly appreciated!