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!

[Brenda B.]

Hey William- we have been waiting months for two Fannie Mae properties to become available. It actually took all summer for one of them to show on the site but both state “coming soon.” We are in close touch with both realtors, along with the neighbors of the houses. We’ve called Fannie Mae and have been told that it’s a process and there’s nothing they can do so keep checking the site and stay in touch with the realtors. I spoke with a different realtor who used to handle Fannie Mae homes and he, along with the current agents, states that there is no rhyme or reason to what Fannie Mae does. He said they will have several offers on a home, one cash offer, another $500 over the cash offer but the buyers will be financing, and Fannie Mae will accept the offer requiring financing. He said that he’s seen Fannie Mae houses listed by out of state agents- it just depends on the roll of the dice and it’s a weird process. From my research, and from living your situation most of this year, I can hopefully save you some time and frustration by letting you know what we’ve learned. If you find out some secret, please pass it along because I really really really want these properties. :-)