Thread: Is Fannie Mae stupid or the seller agent lying?

I vaguely remember something similar to this a few years back when a friend bought a property but I don't personally have enough experience to comment on it in any concrete fashion.

we heard from the seller agent (through our buyer agent):

• The previous highest offer of $133k was submitted to Fannie Mae two weeks ago and is still under consideration. -The Seller Agent said this. If you want to doubt him, fine. But since he's probably experienced in dealing with an ineffecient Government bureau, maybe he's right. Why would he lie? For the difference in commission? Yeah, that difference will really take him far. Mathmetically it works out to be $45, after the broker gets theirs.

• With 8 hours of our submitting offer, the asset manager (who works for Fannie Mae) rejected it because our offer is not significantly higher enough. The seller agent explained that, the first offer was already submitted to a special Fannie Mae dept and under review. -I know it seems confusing. But if an employee from the Fannie Mae rejected it, it doesn't matter what the selling agent says or said at that point.

• Any other offer has to be significantly higher to be able to be submitted to a different Fannie Mae department for review. Otherwise, the asset manager just denies it. -Correct. Now you're seeing how ineffecient the Government is. The same goes for some banks too. Low ball offers or offers they deem insignificant, they throw in the garbage.

The Selling Agent is NOT in collusion with Fannie Mae to collect that extra $45 in commission, I assure you.

CM

OR

the sellers agent wrote the first offer and has a chance to make double the commission if their offer goes through.

Legally, if he's lying to you about his client rejecting your offer then he could lose his license (at least in texas). Ask your agent's manager to do a formal inquiry on the matter.

If i were you i would put in a higher bid ASAP, what's another 3 or 4k?