Buying Multi-Family in Newark, NJ Through Homepath

Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes

My client and I just closed out on our first investment property last week in Newark, New Jersey and we are looking to buy a multi-family next. We are putting in an offer through Homepath on a Fannie Mae owned property. It is beyond the 20 day First Look Initiative period.

Do you find they are very negotiable with their list prices or does it vary on a case by case basis? Any other tips for dealing with a Homepath property?

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Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
12y
Kevin Hill most of the properties I see sell very close to homepath asking price. Just make sure you use homepath qualified lender it the property requires homepath financing, not all homepath homes allow for Homepath financing.
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Kevin Hill
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Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
12y
Ugh, that's not good. Our offer is well off the list price. My client is all cash, so we don't have to worry about the Homepath qualified lender, but that's good info for future reference. Thanks Shawn!
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Ankit Duggal
Specialist · Boca Raton, FL · Member since 2011 · 113 posts · 39 votes
12y
@Kevin Hill If the property is well beyond (typically more than 60 days) the first look initiative then you will have a better chance to getting a reduced offer price accepted given that it is all cash.
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Kevin Hill
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Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
12y
Thanks for the tip @Ankit Duggal
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