Fannie Mae property offer made, listing reduced?

Question

Home listed originally at $129,900 in 8/4/2012
Reduced to $119,900 on 9/12/2012
Made offer of $109k on 9/18/2012
Bank ask "final & best" b/c of multiple offers
We offer 133k on 9/21/2012
Bank then reduces the price to $110,900 9/25/2012

What is going on. I understand typically the bank reduces the price every 30 days if there haven't been offers, but "supposably" there have been multiple offers made.
Why reduce it again? 
Thank you for any information! :)

JENNIFER LOVE · Answer

Thank you everyone!  Good news! They accepted!
Apparently the price reduction is a 'scheduled thing'.
Ahhh!
:)

Bill Gulley · Answer

They play games. They can reduce the listing to draw out more offers and come back with the listing agent saying they have a higher offer and provide your highest and best. The more fish in a barrel the quicker you can catch one and if the big one gets away you can snag the next one. :)

Account Closed · Answer

Fannie mae shows this property back on the market.   You bail on it?     Pond in the back is cool looking, but 133k is silly.

John Stevenson · Answer

Just remember that "it is the squeaky wheel that gets the grease."

The person in the cubical that sets the prices probably never talked to the person in the other cubical in the basement that receives the offers.

If you really want the property, I would call them everyday until you get a response. Then you will know where you stand.  And if they do not get back to you before the offer expires, send them a new offer for less. Eventually they have to accept something.  If your offers are on the top, it just might be you.

Don Hines · Answer

Don't forget the numbers that work for you. As Bill said, they will play games to get all of the $$$ they can. 
With that said, who really ever knows what is happening? I just missed one and later learned my offer was beat out by an offer that was around $10k over asking (was that you?). That offer and mine were $15k apart. 
Don

JENNIFER LOVE · Answer

Thank J Scott & Bill! 
Just contacted my agent to ask, what?
I will ask her to contact the listing agent.
That was my next question, could it have been scheduled?
Very good insight, thank you! :)

J Scott · Answer

Did you have your agent contact the listing agent to inquire?  It seems strange that the bank wouldn't have accepted an offer at more than 10% above list price.

The other possibility is that the price reduction was scheduled (so it happened), but that the bank is still planning to accept your offer.  Did you get a rejection?  If not, I bet you'll get it (or someone will) in the next couple days.

JENNIFER LOVE · Answer

our highest and best: 133k  (one thirty-three) 
I thought it was very strange. :/

J Scott · Answer

First, did you really mean that you offered $133K as your highest and best ($13K over asking price)?  If so, I agree that it's weird that they didn't accept your bid at that time.

Now, if your highest and best was actually something like $113K (a typo in your post), then that makes more sense.  Oftentimes, if FNMA doesn't get a bid they want to accept, they'll lower the price (sometimes lower than the bids they received) just to try to drum up competition and get a higher offer.

Not saying that it makes sense (banks do a lot things that don't make sense), but I've seen this on several occasions from FNMA and other banks.

Fannie Mae property offer made, listing reduced?

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