Did i blow it on this Fannie Mae property?

[Danielle Prendergast]

Hi Bp,

I offered 100 dollars over asking price on a Homepath/fannie mae property with 5000 in earnest money and a 45 day financing contigency. Thought the offer was strong being as though the home has been listed for 20 days. Fannie mae didnt think so, they countered me saying they want to cut my financing contigency by 16 days. However, i needed that contigency bc I am currently out of state and obtaining new employment in the state which the fannie mae property is. I still need to get my 30 days worth of stubs and leave time for underwriting.

I countered them back today changing my offer to an investor offer bc its the only way i could accept their new contigency and move my loan along faster. but, i also threw in for them to pay 3% in closing costs since im now having to bid as investor.

Im having regrets about asking them for those closings costs. Thinking they may reject the contract all together. What do you think are my chances of them accepting to pay closing or at least countering back once more? Did i blow it?

My agent said there is one other offer on the property. Property has been listed for at least 20 days now.

Also in the event i manage to get under contract, how much will i have to put down in downpayments?my Broker previously told me 20% for investment properties but ive recently read that homepath allows investors to put down less?

How hard will it be for me to switch this property to my primary residence, refinance to get the primary interest rate and pull my cash back out?

Thanks!

[Wayne Brooks]

How does "changing to an investor offer" get your financing approved faster?
I would have countered back at what time frame you needed.