homepath properties, how does it work?

[thealfa]

Some homes doesn't state what is wrong with it but mentioned something like a "good starter home" etc. so I'm assuming all is fine? Must I hire a home inspector to be sure first? These aren't HUD homes that need much "renovations". Also, some properties (if not all) seem to require interested buyer to send an offer (fax or email?) for the property. So if a property is listed for $50K and I offered $30K, if they accept it, I guess it's mine?

Are people allowed to view the property first and ask questions as to what issues to look out for in the house or are homepath properties sold "as is"?

[sj08054]

Originally Posted by thealfa

Some homes doesn't state what is wrong with it but mentioned something like a "good starter home" etc. so I'm assuming all is fine? Must I hire a home inspector to be sure first? These aren't HUD homes that need much "renovations". Also, some properties (if not all) seem to require interested buyer to send an offer (fax or email?) for the property. So if a property is listed for $50K and I offered $30K, if they accept it, I guess it's mine?

Are people allowed to view the property first and ask questions as to what issues to look out for in the house or are homepath properties sold "as is"?

First of all, are you seeing these properties listed one homepath.com


If it is, the homes are usually listed by a local listing agent. The local listing company doesn't have to be big. I find it is usually the smaller companies that is contracted with FN Mae.


In most cases, you can look at the properties like most RE listing. You can bring your own buyer agent. Just note that the commission fee is usually set different than the normal listing so your buyer agent may not be interested.


Just note that FNM properties are usually "AS IS". This means don't expect them to fix anything after your inspection. In my experience, I only put in offer as rock bottom price I am willing to pay regardless of inspection results. If the inspections finds bigger trouble than I had originally budget, I cancel the deal and just lose my out of pocket expense. Unless specifically stated in listing, you put offer in FNM properties like traditional RE transaction (contingencies on appraisal, clean title, inspection, etc..)


FNM properties are not for "newbie". While there are decent properties on homepath.com I don't recommend first time home buyer looking at those unless you go into shopping for one with someone experienced (in additional to buyer agent).