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I'm not seeing as many of these properties as I did last fall. The first place I looked at was a Homepath house. The bank did a lot of work (roof, paint, carpet, appliances) and I really liked the house. The listing price dropped twice before I looked at it but then went under contract and I was bummed as I loved the house and location, but didn't want to offer yet as it was still a little too high for me. After it sold I viewed the sales record and saw that they paid listing price. Then I didn't feel so bad as I guess the bank wasn't willing to negotiate after the upgrades and price reductions. I think the reason it took so long to sell is it was on a busy intersection with no privacy in the back yard.
We bought a Homepath property 4/2013. They were a huge pain to work with. They are always rushing you and then making you wait. But we got it done in about 60 days.
As for the house, it was in great condition. It had a clean inspection and we got it at a great price.
My advice would be to be ready for a roller coaster ride and really get a good inspection. It worked out great for us.
I havent finished reading yet but we recently went through a short sale approval that was a Fannie Mae Homepath. We had offered them the listing price (which we found out was underpriced because they needed an offer to delay the sheriff sale). They came back 30k over listing and still over priced. We came back with a counter, as well as why the house isn't worth that they wanted. Surprisingly, the accepted our offer and we are closing on the 18th. I wouldn't say they are all going to be like that, but don't give up. Sometimes the investors over price. Those BPO's are not thorough. Coming back with specs, perhaps your own inspection and reasons why it should be priced at X, may be what you need to get the house to close.
It is possible this whole program might change Oct 1- 2014?? - I am tying to wrap my head around all of this until I get my pre-approval.
Possible? Sure, absolutely ANYTHING is possible. Probable? Um, lol, that's a good joke. No, not even remotely probable within the next month (or year, probably decade unless you're talking about Small changes).
We've been waiting for a Homepath property to hit the market in my current neighborhood. The house is perfect for our needs but is dated. Foreclosures have been selling in our neighborhood for around $80/sf. This one just listed yesterday at $175/sf!!!!! It's at least $50k over non-foreclosure market value. I'm really annoyed and feel overpricing these homes is perpetuating the future foreclosure cycle. Sell at well over market value with as little as 5% down and no appraisal required = a recipe for another foreclosure down the road. It just doesn't make sense.
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