Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just saw a home from HomePath. It is priced at 381K, and the county appraisal is 328K or something (from the history, it seems the home owner disputed this year, since it was close to 381K last year). I contacted the list agent, and he told me the price is based on the comparable homes in this area though I can put in an offer I feel comfortable with. Surely, I don't want to pay 381K, since for that amount of money, I can get a new one.
a few questions:
1) can I negotiate? if yes, how much should I put in?
2) will Fannie Mae pay for my buyer agent if I hire one?
3) will I be eligible for the upto 3.5% closing cost incentive without using HomePath financing?
4) can I ask the list agent show me the property?
Just saw a home from HomePath. It is priced at 381K, and the county appraisal is 328K or something (from the history, it seems the home owner disputed this year, since it was close to 381K last year). I contacted the list agent, and he told me the price is based on the comparable homes in this area though I can put in an offer I feel comfortable with. Surely, I don't want to pay 381K, since for that amount of money, I can get a new one.
a few questions:
1) can I negotiate? if yes, how much should I put in? Yes you can negotiate. No one here knows your local market so no one is in a position to tell you how much.
2) will Fannie Mae pay for my buyer agent if I hire one? FNMA is going to pay the listing broker a commission of which half will go to the broker who represents the buyer. How broker and their agents split their share is their business.
If you do not have your own representation, FNMA is going to pay the listing broker the entire commission, plus an incentive for homes closed this year.
3) will I be eligible for the upto 3.5% closing cost incentive without using HomePath financing?
Homepath does not do retail financing. SOme lenders belong to their network and some do not. Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive.
4) can I ask the list agent show me the property?
Sure, if you intent on using the listing agent who represents FNMA. Why would you do this? You need someone familiar with Homepath to represent your best interests. The closing incentive must be a part of the initial offer.
Thanks?
You will not be in a better negotiating position if you hire and use your own buyer's agent.
Thank you so much!!! I was thinking of hiring an agent, but not sure what they meant by "Only selling agents representing owner occupants purchasing a HomePath property will receive a $1,500 bonus". So the bonus is actually on the top of the 6% commission, and without my own agent, the listing broker will be more motivated?
The listing broker did tell me that HomePath has their lenders for HomePath Financing, but I guess I don't need them since I can put down 20% while their lenders may give me a much higher interest rate. HomePath website doesn't say anything about limitations on 3.5% incentive, and I will check with several mortgage brokers.
The list agent will represent FNMA, and if I don't have my own agent, will the listing agent still be able to represent my best interests?
Thank you so much!!! I was thinking of hiring an agent, but not sure what they meant by "Only selling agents representing owner occupants purchasing a HomePath property will receive a $1,500 bonus". So the bonus is actually on the top of the 6% commission, and without my own agent, the listing broker will be more motivated?
The listing broker did tell me that HomePath has their lenders for HomePath Financing, but I guess I don't need them since I can put down 20% while their lenders may give me a much higher interest rate. HomePath website doesn't say anything about limitations on 3.5% incentive, and I will check with several mortgage brokers.
The list agent will represent FNMA, and if I don't have my own agent, will the listing agent still be able to represent my best interests?
You need your own agent. A listing agent's job is to protect the bank's interests not yours. Many of the large REO agents won't write up offers on their own properties anyway. The listing agent...more motivated? With Fannie and Freddie you don't negotiate directly with people. They simply input the data in the computer and the person on the other end of the computer crunches the data and gives a response.
First of all HomePath is a mortgage product, like an FHA, VA, or conventional loan. What MAM is referring to is that the loan you want to take out, 20%, fixed rate, 30 year loan may have a 3% cap on seller paid closing costs. You may not be eligible to get the 3.5% depending on the requirements for that specific loan.
You appear to be a bit confused by the process and terms, and I really, really think you need someone in your corner to explain things to you.
You appear to be a bit confused by the process and terms, and I really, really think you need someone in your corner to explain things to you.
He's been told for months to get a buyer's agent and he out-right refuses to, which is why I think he's getting very little response to his questions... He thinks getting answers on a forum is enough representation to know how to move forward.
I'm not trying to be rude, just pointing out a fact from his months of other posts and comments.
I was told as long as a buyer agent shows you a home, if later on you find you don't feel comfortable with this agent while you really like this home, you will be dead meat, since this agent would be the one to claim the credit no matter when you will buy this home, then you will have to use him/her or pay him/her while hiring another agent to do the actual work. This is just so evil. I just don't want to be trapped in this situation.
Quote:
Originally Posted by FalconheadWest
He's been told for months to get a buyer's agent and he out-right refuses to, which is why I think he's getting very little response to his questions... He thinks getting answers on a forum is enough representation to know how to move forward.
I'm not trying to be rude, just pointing out a fact from his months of other posts and comments.
BTW, I am not rude either, but I am very sure many realtors rushed into their license exames between 2004 and 2007. Were they so eager to "serve" the buyers?
To some extent, agents think different from the actual buyers since their money come from a successful purchase. At this point, the listing agents and the buyer agents share the same interest, and that's why I always saw complaints about their buyer agents.
Quote:
Originally Posted by FalconheadWest
He's been told for months to get a buyer's agent and he out-right refuses to, which is why I think he's getting very little response to his questions... He thinks getting answers on a forum is enough representation to know how to move forward.
I'm not trying to be rude, just pointing out a fact from his months of other posts and comments.
I was told as long as a buyer agent shows you a home, if later on you find you don't feel comfortable with this agent while you really like this home, you will be dead meat, since this agent would be the one to claim the credit no matter when you will buy this home, then you will have to use him/her or pay him/her while hiring another agent to do the actual work. This is just so evil. I just don't want to be trapped in this situation.
This entire statement is false in most cases and for many reasons, but whatever. And just so you know, I've been licensed AND practicing real estate full time for 10 years (as many get licensed and don't actually practice and some get licensed and go part time), so I'm not one who "rushed" to get licensed in 2004-7, thank you very much. I know how to represent buyers to the fullest, and work hard at educating my clients. Many buyers don't want to be educated, and that's their own fault.
So the bonus is actually on the top of the 6% commission, and without my own agent, the listing broker will be more motivated?
Motivated to do what? Do you expect the listing agent to kick in/kick back a part of their commission?
The list agent will represent FNMA, and if I don't have my own agent, will the listing agent still be able to represent my best interests?
The listing agent will likely be serving their own best iterests. The listing agent is contracted to obtain the highest and best offer for FNMA, not get you a steal of a deal.
I was told as long as a buyer agent shows you a home, if later on you find you don't feel comfortable with this agent while you really like this home, you will be dead meat, since this agent would be the one to claim the credit no matter when you will buy this home, then you will have to use him/her or pay him/her while hiring another agent to do the actual work. This is just so evil. I just don't want to be trapped in this situation.
I purchased 30 properties and sold 29 before I became licensed.
I hired an agent to represent by own best interests in each of those transactions. In each case, the agent I used had tremendeous hands onknowledge of the local market and understood how markets work. They were first and foremost, educators. I spent time interviewing them as I would anyone I considered hiring for any job.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
