WeIrd: How can Fannie Mae reject a higher offer and re-list the house for much less?

**northwolf** · 10-11-2009, 12:57 AM

It is a foreclosure house (of about $60,000 price arrange) owned by Fannie Mae. Fannie Mae just rejected my offer 10 days ago, and yesterday it relisted for $5,000 less than my offer.

We (my agent and I) were told about this rejection by the seller agent within 24 hours of submitting offer.

Is this fishy? The seller agent might not even present my offer to the bank at all!!!

**AdamAgent** · 10-11-2009, 09:32 PM

Who cares?? Just put in another offer for the listed price. Saved you five thousand. Good for you!

**markbrian** · 10-19-2009, 07:30 AM

It may not be the price that caused the bank to reject your offer, it may have been because of the type financing you are using will not work because of the condition of the home OR because of any contingencies that were in your offer. It is strange that the bank did not counter back and remove the problem contingencies.

Like AdamAgent said have your agent put another offer in with the knowledge that the contingencies may be a problem for the bank.

**VancouverWa** · 02-12-2012, 11:36 AM

I've seen that a lot lately where a bank has rejected a high offer (w/ backups) only to adjust the property price lower.
Like other's have said make sure your terms are in line with what Fannie Mae is asking for. Example: was the property insured/uninsured, was the right financing used..FHA203k..?