How long fannie mae accept offer

Click to see full answer. Considering this, how long does it take HomePath to respond to an offer? One may also ask, how long does it take for a bank to accept an offer on a foreclosed home? Most likely they will respond in 3 to 7 business days. On rare occasions, they will respond in 24 hours. We have no control over the bank's decision making process. Some banks do not look at offers until the property has been on the market for 5 to 10 days or have a specific date before they review an offer.

Typically we receive a response back in business days, but we've seen it as short as 4 hours and as long as a week. It is important to realize that banks usually don't respond to your offer directly. HomePath Property Price Negotiation In other words, if a property is in serious disrepair, Fannie Mae may be willing to accept a lower price, but you' ll have to put money into the home, so it may not be as good a deal as buying a less damaged home at full price.

How long does it take to get a response from Fannie Mae? If you or your real estate consultant have submitted an offer with all the proper documentation as required by the listing agent, most offers will be responded to within 48 hours.

Will Fannie Mae make repairs? Fannie Mae may make some repairs to increase the home's marketability but other repairs may be needed. Fannie Mae sells each property in "as is" condition, which means that the buyer accepts the property "as is.

Are HomePath homes a good deal? HomePath homes are foreclosures owned by Fannie Mae. HomePath homes are usually more affordable than standard-market homes, but they're also sold in as-is condition. But that can certainly depend on the asset manager at Fannie Mae.

The listing agent should be able to give you an idea if they have done previous deals with them. As for competing offers, it is not unusual for them to have the listing agent request the "best and last" offer from both parties, then they will evaluate.

What nets them the most money is usually the top priority. But a cash offer certainly has some leverage versus a financed offer. Also owner occupied has weight over a second home or investor. Don't be afraid to call you agent though. That's what they are there for! I am sure they will not mind. Originally Posted by RickTucsonHomes. The listing agent should be able to give you an idea if they have doen previous deals with them.

What nets tthem the most money is usually the top priority. Originally Posted by okhomebuyer. This one still has 10 days left in the first look, so unless they're lying they're owner occupants as well. We had to sign stating that it would be our primary residence and we'd move in within 60 days of closing or could be fined 10, dollars and attorney fees.

Of course I have no way of knowing if they offered cash, full list price or more than list price. Was this a new listing? Many times on a new listing they will not look at any deals for a set time period. Bank I have listed for here had a 7 day waiting period. But once that was over could get a response in a couple of days.

Except for HomePath mortgage renovation programs, Fannie doesn't require lenders to conduct appraisals on HomePath properties. Low appraisals or appraisals failing safety and security conditions for FHA-insured mortgages frequently kill sales. No inspections are required for Fannie-owned HomePath properties, but purchasers are given a day inspection period after Fannie's acceptance offer.

Lastly, a big advantage of the HomePath purchase program is that there are no mortgage insurance mandates, even for buyers putting down only 3 percent. Fannie-approved HomePath lenders may be concerned about a borrower's credit and ability to pay. Generally, borrowers with credit scores of at least are eligible for HomePath financing from Fannie's approved lenders.

Because there's no need for an appraisal, inspection, or mortgage insurance, the HomePath closing process is somewhat streamlined. One thing to remember is that HomePath financing comes with interest rates that run about one-quarter to one-half percent higher than rates on conventional loans.

Tony Guerra served more than 20 years in the U.