Homepath help needed

7 Replies

Hello all,

There is a house that I definitely want to purchase as an Owner occupant. I have a few questions first as I have never dealt with purchasing a homepath property. Its in Maryland btw if that makes a difference.

The property is listed for around 220,000. I want to offer less as it needs a good amount of work done. I want to offer it within the 20 day owner occupant period. Does homepath ever negotiate for less during this period. Do i have an upper hand coming in during the owner occupant period even with offering less? I of course will be occupying the property.

What would almost 100% seal an offer for me with fannie mae. Would they prefer all cash or financing with their renovation loan?

Basically I want the best possible approach to sealing the deal.

I was going to purchase a previous property and the listing agent for that one showed me the property and was willing to submit an offer for me but before I made an offer, another buyer beat me to it.

I still don't have a buyer's agent so I called this new property's listing agent. She told me she would not be able to put an offer in for me as it's unethical? She said to contact a buyer's agent from her firm. She told me this buyer's agent has already shown the property to others that are interested in purchasing this property. This doesn't sound good to me. Am i correct in thinking that I should pick my own buyer's agent? Or would working with the agent the listing agent referred me to that she works with, benefit me in some way?

There are multiple others that have looked at the property according to the listing agent.

I appreciate all answers and advice. Thanks in advance!

You should have found your own agent before now, but since you haven't you can use the one in the office.  You have competition, you have no upper hand.  If you want this property you'll likely need to offer near, or over list price......that's just the way it is.  No advantage to trying to use Fannie financing.  Make sure you have a solid preapprovals if financing, but cash is always preferred by sellers.  Put your offer in soon.

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Dual agency is illegal in Maryland, that is why he referred you to another agent.

As far as the price, it is hard to say without knowing the specifics. The condition of the property may already be factored into the price. Consult with the agent you work with, but make haste. During the owner occupant period, it is much more likely to get a financed offer accepted. Once it is open to investors, you may be competing against all cash.

Originally posted by @Russell Brazil :

Dual agency is illegal in Maryland, that is why he referred you to another agent.

As far as the price, it is hard to say without knowing the specifics. The condition of the property may already be factored into the price. Consult with the agent you work with, but make haste. During the owner occupant period, it is much more likely to get a financed offer accepted. Once it is open to investors, you may be competing against all cash.

 Thanks for the reply. Do you think it would be any benefit to work with the buyers agent from the same brokerage as the sellers agent? Or is it better for me to be represented by a buyer's agent from a different brokerage?

So homepath usually goes with an owner occupant as long as its within the 20 day period? I do think that the condition is already factored into the price but what if I pay all cash, are my chances better getting 10% off of list price? 5% off?  Should i assume price is pretty firm if I was trying to finance instead of pay cash?

I think most of the people looking at it are investors. So they won't be able to offer till after the 20 day period. So i should put a contract asap.

Originally posted by @Nicole Thomas :
Originally posted by @Russell Brazil:

Dual agency is illegal in Maryland, that is why he referred you to another agent.

As far as the price, it is hard to say without knowing the specifics. The condition of the property may already be factored into the price. Consult with the agent you work with, but make haste. During the owner occupant period, it is much more likely to get a financed offer accepted. Once it is open to investors, you may be competing against all cash.

 Thanks for the reply. Do you think it would be any benefit to work with the buyers agent from the same brokerage as the sellers agent? Or is it better for me to be represented by a buyer's agent from a different brokerage?

So homepath usually goes with an owner occupant as long as its within the 20 day period? I do think that the condition is already factored into the price but what if I pay all cash, are my chances better getting 10% off of list price? 5% off?  Should i assume price is pretty firm if I was trying to finance instead of pay cash?

I think most of the people looking at it are investors. So they won't be able to offer till after the 20 day period. So i should put a contract asap.

 Cash will make almost no difference in this situation

Also I didnt put in here the other day, but you should find your own agent, someone you trust, who has your best interests at heart. Id be more than happy to refer you to a good agent if you want to share the location you are looking in.