Homepath.com any good? (incentive, disclosures, appraisal, auction)
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I learned about Homepath.com thru my mom's client talked about that program. It does sound affordable compared to regular websites, of course. I think they only sell the properties to people who really need it, not use it for investment purposes.
Investors can still buy the homepath homes, they just have to wait past the FirstLook period in order to make an offer (the extra time given to owner occupant buyers to make offers).
I've bid on homepath home as an investor after the firstlook period and they even dropped the price. I offered about 50% of their asking price and they counter the offer. I up the bid a bit but our numbers were too far apart. I gave them a final and last offer but they would not budge beyond 12% less than asking price. My agent told me to just sit and wait it out.
BTW.. My offers were not just number I pull out of thin air. It was based on the comps that my agent did in the area.
So my thoughts? Having seen a lot of their other listing? There may be decent deals in some of the homes for owner occupy but their asking price is a bit on the high side.
The condition of the homes varies. Some are minor fixup while other requires major fix up from "handy man special"
Investors can still buy the homepath homes, they just have to wait past the FirstLook period in order to make an offer (the extra time given to owner occupant buyers to make offers).
I've bid on homepath home as an investor after the firstlook period and they even dropped the price. I offered about 50% of their asking price and they counter the offer. I up the bid a bit but our numbers were too far apart. I gave them a final and last offer but they would not budge beyond 12% less than asking price. My agent told me to just sit and wait it out.
BTW.. My offers were not just number I pull out of thin air. It was based on the comps that my agent did in the area.
So my thoughts? Having seen a lot of their other listing? There may be decent deals in some of the homes for owner occupy but their asking price is a bit on the high side.
The condition of the homes varies. Some are minor fixup while other requires major fix up from "handy man special"
I would prefer a home with minor repairs/updating or turn key condition. I'm not really crazy about spending thousands on major repairs when purchasing a home.
Our home was a Homepath very happy minimal work had to be done, we were lucky previous owners took care of home so we were lucky. Did a FHA loan had a good experience.
First Look is the first 15 days, except in Nevada, where it is 30 days (IMO it should be 30 days nationwide...) then the bidding opens up to investors.
Given the choice, I'll jump to show a homepath property vs. a typical foreclosure. The majority of REO properties are damaged goods. Deferred maintenance from previous owners, stained carpeting, general lack of care/cleanliness. Then once they are vacant, copper pipes are at risk of being harvested for scrap $$, resulting in water damage and 'microbial discoloration' (real estate agents are not 'qualified' to identify mold, and license could be at risk. no kidding!) Fannie Mae properties, on the other hand, are typically cleaned up/cleaned out, and if the property is just 'worn' (not severely damaged) new floors (vinyl & carpet) are installed, sometimes new (laminate) countertops (not cabinets though) and are freshly painted. Many are move in condition, a nice change from handing out breathing masks, wading through left-behind trash and animal feces. Mmm real estate... such a glamorous career
Last edited by Valerie C; 02-21-2012 at 09:38 PM..
Our home was a Homepath very happy minimal work had to be done, we were lucky previous owners took care of home so we were lucky. Did a FHA loan had a good experience.
Sounds like you had a good experience. Hope you enjoy it in the long run.
First Look is the first 15 days, except in Nevada, where it is 30 days (IMO it should be 30 days nationwide...) then the bidding opens up to investors.
Given the choice, I'll jump to show a homepath property vs. a typical foreclosure. The majority of REO properties are damaged goods. Deferred maintenance from previous owners, stained carpeting, general lack of care/cleanliness. Then once they are vacant, copper pipes are at risk of being harvested for scrap $$, resulting in water damage and 'microbial discoloration' (real estate agents are not 'qualified' to identify mold, and license could be at risk. no kidding!) Fannie Mae properties, on the other hand, typically have new floors (vinyl & carpet) and are freshly painted. Many are move in condition, a nice change from handing out breathing masks, wading through left-behind trash and animal feces. Mmm real estate... such a glamorous career
Interesting comparison between those two. Scary to encounter a home that was ex hoarded.
Interesting comparison between those two. Scary to encounter a home that was ex hoarded.
I guess for disclosure purposes, I should add that most REO properties are in better condition than what we saw just a few years ago. At least now, the majority are cleaned out before, or very shortly after listing. And depending on the crew, salvageable items are donated to non-profits. However, the homepath properties still tend to be managed better, with response time within a day or two (while certain banks STILL make potential purchasers wait 4 or 5 business days before coming back with a response...
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