I won a real estate auction on a home without meeting the reserve…?

My Husband was contacted and told to put X amount down and the bank (Fannie Mae) had 15 days to decide. My question is what are they deciding? Do we still have a chance or will they come back and ask for a higher price? the home was listed for 209,000 and we won the auction at 147,500 so we go a steal for sure if everything goes ok. What should I expect? Does the 15 days mean they can try and sell it for a higher price during that time?

Because there was a reserve and your bid did not meet the amount of the reserve, the seller has no obligation to sell the property to you, even though you were highest bidder. However, it sounds like the seller may want to complete the transaction anyway. Fannie Mae will try to find someone willing to pay more in the mean time, however, if it cannot, then it is likely Fannie Mae will sell you the property for $147,500. Make sure any deposit you put down is fully refundable to you if Fannie Mae finds a different buyer.

Grand Lake Real Estate Auction: Episode 2

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