Experiences with HomePath.com?

Question

Hey BP Community!

Does anyone have any experience good/bad with trying to purchase REO's from HomePath.com?

Thanks in advance!

-Ryan

Sarah Ziehr · Answer

Oh yes, do I ever.

Where do I begin??????

Can be like talking to a brick wall.

If your offer is accepted things move pretty quickly.

Ryan Rogers · Answer

Thanks for the information Scott!

Scott Schultz · Answer

its a pretty typical REO Transaction, I was a Listing Broker for Fannie for years, the process has changed a bit, but the basics have not, dont send them an offer of 50% of list an expect them to accept, just not gona happen (in most cases) the closing can be slow, but most REO's are, and be sure the title company gets a special assessment letter, its often missed. Oh if you didnt know HomePath is the REO division of Fannie Mae,  and HomeSteps is the same for Freddie Mac

Courtney Merricks · Answer

My experience has been the opposite... The properties in SOFLO we have made an offer on through HomePath.com was sent back asking for a best and final offer. It's to the point where I try not to look at these properties anymore, but I am still looking at them because it may be that one time we make an offer and it get accepted. Good Luck, maybe you will have better luck then I have.

Ryan Rogers · Answer

Good to hear!  Thanks Sarah! :)

Sarah Ziehr · Answer

Getting ahold of the listing broker for a foreclosure? You must be joking.

Greg H. · Answer

@Sarah Ziehr

I assume you confirmed that with the listing agent that FNMA policy on those particular properties was "No investors at any time" ?  I assure you that is not a policy of FNMA

Sarah Ziehr · Answer

@Greg H. I've made plenty of offers on properties after the first look period, well over the asking price. For some properties, they just are not going to sell to an investor.

Experiences with HomePath.com?

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