Fannie Mae bid date changed

**corbettm12** · 02-06-2012, 05:03 PM

My husband and I bid on a Fannie Mae house a couple of days ago. The bidding opened up on Thursday and was supposed to close this morning. However, we received an email from our agent this afternoon that said that the other realtor/bank decided to keep the bidding open a couple of more days. I have been on pins and needles all day and you can imagine my dismay when I heard this news. Now we feel pressure to up our bid yet again and since we cannot find out what other people have bid we are floating in the dark. Any advice???

**Greg** · 02-07-2012, 04:26 AM

Usually, when there are multiple offers on a property the bank will ask all of the bidders to submit their highest and best offer. Has that happened yet?

**VancouverWa** · 02-07-2012, 10:12 AM

Not very comforting words I'm sure.
As Greg said, the bank will most likely ask for highest and best.
Rely heavily on your Realtor for pricing, but at the end of the day you don't know what your competitors have offered and you have to be secure in knowing that you put your best foot forward.
That said, I have had buyers offer 10k over the list price and did secure the property. However, the appraisal came in at list price and the bank reduced to the appraised price. My client won on both fronts. I don't recommend that, but just an FYI.
I've also had the experience of knowing my clients had the best offer, only to be knocked out by the desire of the asset manager for a lower all cash offer.

Best of luck to you.