Homepath offer

[Chris Seveney]

So we put in our first offer (on an invesent property) which is a Homepath property. Some background is the price was $36,000 and was at that price for a month. They reduced it to $32,000 and we put in our offer (our agent did thru the Homepath website) The listing agent noted now they have received several offers on the property and would be doing a best and final. The listing agent noted we would get info yesterday but we have yet to receive anything. Is anyone aware of if Homepath does this on foreclosures or do they review the offers as they come in ? I was thinking what if the listing agent is trying to get us to up our bid. Curious if anyone has any info on how the process works with Homepath Thanks

[Jeff Bridges]

Homepath goes through their website online offer submission process so the bank is able to have transparency with the process so the realtor can't cherry pick his offers. He really does have to pick the highest offer. And usually they don't blow smoke when they ask for best and highest after mentioning other offers. It should be your strongest offer you are willing to pay if you want to secure the property. When I submit failed offers when there are multiple bids and I dont hear anything within 24-48 hours, they are usually waiting for the winning bidder to send in all signed contract paperwork during that timeframe and will update the listing on MLS after they get the signed paperwork and all is final. If you dont hear anything during this timeframe, its likely you weren't the highest bidder or strongest offer.