I have received many emails and inquiries on how to edit a Facebook Status update once it has already been posted. Previously the option was only available to personal profile comments that the user had made and it was to be done within 30 minutes of the posting.
Facebook has now made it possible for the FanPage admin to edit their Status Update anytime after the update has been posted.
Below is an example of how to do this on a Photo Update:
This is a screen shot of the original post:
Click on the photo of the post and you will be taken to the following screen. Here is where the EDIT option will be available. From this point you can edit your update as you see fit:
Now that you have made any corrections that you had wanted click the DONE EDITING button.
Click Save and you are all set. Hope this clears up the confusion on how to edit a photo status update.