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Fannie Mae foreclosure - can a family member purchase my foreclosed home?

Just curious. My foreclosed home came back on the market. I had gutted the entire home in 2008 with full set of architect reno plans before housing collapse, job loss, & chronic unemployment set in ... House was foreclosed by GMAC and just came on the market at a substantially reduced price. Considered not livable - hence Fannie is fast tracking with cash only requirements. House has only been on mls for 4 days and garnered 6 cash offers. Listing agent indicated that due to interest, yesterday was "last day to present a final & best offer". My Father is interested in the property and his agent says he should float a back up offer just in case. Likely that his offer will be the highest as I have a gut feeling/insight on bids. Would Fannie likely laugh at the prospect of my father putting in a cash offer - purchasing for his primary property??? or is cash cash at this point. thx

Public Comments

1. While a family member could purchase the home, you're too late. When Fannie Mae says highest and best offer by date certain, they hold to it. Don't waste your time with a back up offer. realtor.sailor