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I have a contract on the Homepath home and recently had the inspection. It had items that may be an issue for the FHA appraisal like unconventional framing and some uneven floors/slightly bowed walls. However, there was also a more serious issue where the copper piping is corroded at many joints. This seems like something that an FHA appraiser would flunk the house for. I'm not willing to re-do the piping out of my own pocket but I know that raising a stink can cause Homepath to cancel the sale.. Should I wait and expect the FHA appraiser to flunk the house in the hope that they will take it more serious and fix it? My 10 day inspection period ends soon and I have no idea when the appraisal will be.
Having purchases 2 Homepath properties in last 4 years, I can tell you that chances of them fixing anything is zero (especially if the price is aggressive already). Check your purchasing contract again.. it's going to be very clear in there that sale is AS IS. (unless that's not the case for you).
BTW.. they don't just cancel the sale.. They just tell you to take it or leave it
Did they offer your their Homepath financing? I bet you that they wouldn't even do an appraisal. Scary huh? Just know what you are getting to buying Homepath properties. It is not for everyone.
Thank you... Do you think our agent should have pointed out this stuff when we first saw the house?
NO... Why would you expect them to?
They should have been clear with you about how Homepath works. So far, you are reporting problems with septic, square footage and framing. I think you need to re-think about buying foreclosed home. If this is your first time purchase, it even makes your head spins more as you find more and more possible issues.
They should have been clear with you about how Homepath works. So far, you are reporting problems with septic, square footage and framing. I think you need to re-think about buying foreclosed home. If this is your first time purchase, it even makes your head spins more as you find more and more possible issues.
Yea, I'm certainly re-thinking it. Our agreed price was based on the fact that it seemed structurally sound, safe and functional. Now it is appearing that none of those are true
We just went through that with a Homepath home. The listing showed updated electrical wiring which the home inspection showed to be false. Electrician said it would need major work. Was declined homeowners insurance until the work was completed. Homepath refused to do any repairs or even split the cost. We had to walk after spending a month in a motel waiting to close and investing $$ in inspections and travel. The house is back on the market with the same false listing.
Homepath will not fix anything. They'd rather see the property not get bought and rot away than to fix anything.
I just bought a homepath property. New sidings and roof from 2012. New furnace from 2013. Relatively new appliances. Unlike many foreclosed homes, this one was not trashed. I've hired inspectors as well as personal friends who are structural engineer and certified electrician check out the place for me. Found nothing wrong. Renovating it right now to repaint the insides and change the trims to our liking. So far, have not found a single thing wrong with the place.
So, how did I get it at over $50k less than the appraisal price? When I first found it, it had no running water. I was the 6th person to try to acquire it. The previous 5 people who tried to acquire it could not get FHA approval because there was no running water. I asked my agent to ask the seller's agent if I could take a look as to why there was no running water. The other agent said ok they won't tell the bank. So, my agent and I went in. It took me about 3 hours, but eventually I found the problem. Aside from the main water valve, there was a "secret" valve. All I did was turn that valve and voila the house had running water. Good strong water pressure, too.
The point is all the bank had to do was send a plumber to see what the heck was wrong with the water. Every time someone tried to acquire the place and then pull out, the price went down. And most people are not like me who are willing to take the extra step to try to fix what's wrong.
You can ask them to fix the place. But chances are, they won't.
I was incredibly lucky that the only problem I had was not really a problem at all. If there was structural issue or bowed walls, I'd be worried.
Just to give you an idea of how stupid Homepath is they refused to negotiate on our issues so we had to walk away. Now they have relisted the property and dropped the price $15000 which is what we were asking for for repairs. We would have closed this Friday. We now have another contract on a different house so I hope it sits on the market forever.
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