buying from homepath.com

7 Replies

Hi,

I'm considering a house from homepath.com, FHA, OO ... first time home buyer ... I got a few questions.

- Do I do it myself or go through it with realtor (I signed some contract with Realty)?

- Can I see the house before I put an offer in? 

Please let me know.  Thanks,

Sebastian

Yes, it's just like buying any other house.  You'll need a preapproval, and of course you should see the property before placing an offer.  No disadvantage to using your own buyer's agent, and as a first timer well, "you don't know, what you don't know".

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Another cool thing for you about Homepath homes is there is usually a 21 day owner occupied only bidding period when the home is 1st listed.  So if you move quickly you will not have to deal with investor competition.

Definitely use a buyer's agent, and preferably one who has been through the Homepath process before.  You're buying from the government which means lots of extra paperwork and a more strenuous process. Ask @Scott Trench  

I am an agent in Vancouver, WA - just outside of Portland, OR - and I will be closing my first transaction through Fannie Mae and Homepath on Tuesday of this week. The biggest hurdle is the out of state escrow that we had to use. I don't always think that is the case with Homeopath purchases, but just keep that in mind - time is DEFINITELY of the essence in these deals. 

In my particular case - a cash deal for a Fannie Mae property - earnest money had to be 10%. Any earnest money deposit over $10k has to be wired. Make sure you have proof of funds. And pay careful attention to wording in the inspection clause of the addendum, which is different than a "normal" deal in my state. The addendum that typically go with regular transactions do not apply, but are included in the Fannie Mae purchase and sale. 

With all this in mind, I would go with an agent who has done one before. Lol. I will add that confidence grows with experience, and after this deal, I feel a lot better about doing more of them in the future.

Good luck!