anyone have experience with Fanniemae homepath homes? (tenant, 2015, auction)
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Location: Stuck on the East Coast, hoping to head West
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Has anyone purchased a home vai Fannie mae homepath? I saw a house that I never thought I could afford that is listed via homepath. What are some things I should watch out for? I know the house is sold as-is and that's about it.
Location: Danbury CT covering all of Fairfield County
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One of my clients purchased a home path property this year. The home was basically in perfect condition, other than a dated kitchen. Of course, do your inpsections with the heat, power and water on. Sold as is, no repairs.
Location: Stuck on the East Coast, hoping to head West
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The home has been on the market for over 250 days. It is water-view and houses in the neighborhood go anywhere from $285,000 to $500,000 to over a $1 mil, depending on how good the views are and water access. This one doesn't have water access which would be fine with me. List price right now is $145,000. From July 2015 it has dropped $20,000--does that sound crazy?
Cosmetically, it needs work: new paint/carpet. Kitchen is dated. Ah, but the location is awesome.
1. Start with a low offer. The bank may want to unload fast, esp in fall/winter.
2. I believe it has to be your primary residence and there's a minimum of one year? two? that you have to reside there. It cannot be a rental. Check that out.
Sometimes they load inspection reports in the homepath database. Look. then get an agent with foreclosure experience. Fannie Mae requires offers on the database but isn't much different from other banks regarding the rest of the process. There is a long addendum that you will have to sign that changes the terms and you should read it carefully.
An active agent might also know the issues with the home and why it hasn't sold.
I purchased a HomePath property 4 years ago and it was one of my cleanest purchases, no emotional seller worried they are losing money, etc.
Mine was non-owner occupied so I had to wait through the FirstLook period which gives owner occupied buyers first crack. This works for investors because by then FNM is ready to deal, they want it off the books (at least that is how it was in in 2011). I came in with cash, close in 10 days offer and it was accepted. They had replaced all the flooring, painted, and put in all new appliances. I put in window treatments and had it rented the week after it closed and the tenant has been there since.
I would definitely deal with them again.
Quote:
Originally Posted by bande1102
The home has been on the market for over 250 days. It is water-view and houses in the neighborhood go anywhere from $285,000 to $500,000 to over a $1 mil, depending on how good the views are and water access. This one doesn't have water access which would be fine with me. List price right now is $145,000. From July 2015 it has dropped $20,000--does that sound crazy?
Cosmetically, it needs work: new paint/carpet. Kitchen is dated. Ah, but the location is awesome.
This looks ripe for picking. I would find a good agent but I would think your starting offer should be around $126,500. They used to offer attractive financing too. Maybe they still do
Location: Stuck on the East Coast, hoping to head West
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Thanks for the tips. I currently own a house, but we can definitely qualify for two homes (or I could even pay cash, though I prefer to not lock up my money in a house) and I would then sell my current home. I don't know if I can get hubby to go along with this.
It states that the house is going in auction status. I don't know what that means. Also having trouble getting hold of agent for the house. I do know it will be sold as-is; but I would definitely want an inspection. I don't know if that is a possibility or not.
There was a Homepath house in the subdivision where I ultimately bought another house.
Market value for this Homepath house.....if it didn't have its issues.......was around $400K.
Didn't sell through MLS........took quite awhile to sell via auction. Sold for $210 to a local general contractor.
The pictures didn't look that bad....missing appliances, funky paint colors..........
I had my agent take me to the house. As soon as I walked up the sidewalk........my nose told me.
Eau de Mold............pervasive. Smelled like a swamp.
It was rotting from the crawl space up. Plus extensive termite damage.
Such a shame, house wasn't that old.
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