I have the following scenario and would like some imput (HELP) from seasoned professionals:
This property has been on the market for five (5) months with no activity. RE Agent said I was the first showing.
Fannie Mae (FM) Foreclosure listed @ $86,000
Retail Value - $105,000
Monday- I offer $65,000
Wednesday AM- FM rejects offer and counters at $79,000
Wednesday Noon- I resubmit offer for $71,000
Wednesday PM- Contacted by RE Agent and told that FM accepted my new offer. Set up appointment for Friday PM to sign Agreement.
Friday Midday- RE Agent calls me to tell me that she made a mistake and that FM did not accept my offer. She indicated that they (FM) have a new computer system that is very confusing. She misunderstood the reply from them. She said that because of her screw up that I had to resubmit my last offer. She had been in contact with FM by phone about this and they told her to have me resubmit the same offer again, which they would reject but would counter offer again. This would have been fine if everything was done today and we got an Agreement in place; however, by the end of the business day, there was no reply from FM with a counter offer.
The problem I have is that the RE Agent then told me that she has two (2) showings on this property this weekend. This is bizarre because there was no activity for so long; and now a flurrie of interest…go figure!!!
What if one of these guys put in an offer over mine? Do I have a legal basis to fight for this property? I was currently in negotiations with FM and would have worked this all out before the other showings.
How do I handle this? Please advise. And thanks for any HELP…
Rob