Fannie Mae
Full Price Cash Offer Rejected? - Fannie Mae home sales

I am a Real Estate Broker and have sold Real Estate for over 8 years now. I currently have a client who made a full price, cash offer to Fannie Mae , through the HomePath website, for a property that was in the "first look" period. It took a few days, but we eventually got an email saying there were multiple offers. We kept the offer as written and waited for a response. The offer was rejected. There were no others buyers, but the offer was rejected. When I got in touch with Fannie Mae, I was told to contact the listing agent, as they are the ones in contact with the servicers for the properties. The listing agent told me that they know nothing and have no reason for why my full price cash offer was rejected. In the meantime, the property is sitting on the market, with just a few days left before it was opened to all buyers. The listing agent's response was to resubmit the offer. I spoke with my client and we decided to resubmit the offer. In the meantime, the "first look" period ran out and the house was opened to all offers. Guess what? Yes, I got an email back today stating that there are multiple offers again.

This is a clear example of Fannie Mae's representatives treating people unfairly. If a property is advertised at a price and an offer is made for full price, cash, it should be an easy deal to close. I don't know what reasoning could possibly be used to justify this unfair treatment of my client but, as a Realtor, it's difficult to sit back and watch as my client, who had such strong hopes for this house, gets abused in this way

Offender: Fannie Mae
Country: USA   State: All USA

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