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Talk to me about foreclosure homes + Homepath Sales
Posted on 7/11/15 at 3:33 pm
Posted on 7/11/15 at 3:33 pm
There is a property that is a homepath home that I think is a legit deal (unfortunately I would have to wait a year before I could pull trigger)
It is something I plan on looking into down the road so I was wondering what people's thoughts were for someone looking to owner occupy the home
**I am aware that i likely will have fairly significant repair / remodel jobs for a number of these homes
It is something I plan on looking into down the road so I was wondering what people's thoughts were for someone looking to owner occupy the home
**I am aware that i likely will have fairly significant repair / remodel jobs for a number of these homes
1
Posted on 7/11/15 at 8:02 pm to GenesChin
I put 2 offers in in homepath properties to try and fix up and flip. The list price was way out of line for what needed to be done and they did not want to budge. Just more government garbage imho.
Posted on 7/11/15 at 9:00 pm to Grouper Picatta
quote:
I put 2 offers in in homepath properties to try and fix up and flip. The list price was way out of line for what needed to be done and they did not want to budge. Just more government garbage imho.
Homepath I'm looking at is listed about 100k less than all comparable homes in area. Does not appear to have any damage and kitchen was recently renovated. New HVAC + Roof
ALl the bathrooms are outdated and would need to be completely redone but the father in law offered to do it at cost when he gets time (he's just handy and can do everything but plumbing)
This post was edited on 7/11/15 at 9:01 pm
Posted on 7/12/15 at 7:35 am to GenesChin
I offered list price on a homepath property the day it passed the wait list time for owner occupancy. There were no other offers in at the time. The next day another offer was received -lower cash offer, mine was financed - lower cash offer was accepted.
Posted on 7/12/15 at 8:39 am to ynlvr
I am currently living in one. I did not finance through homepath however.
I was the high private party bidder at sheriff sale but the bank outbid me by about $15,000. I immediately engaged the most aggressive real estate agent in town that had worked with the listing agent previously in their careers.
Long story short, the first day the house was on the market they showed it 10+ times and had multiple offers at list prce (including mine).
We ended up getting it in a hoghest and best bid process for about $3,000 over list. FNMA will force you to close with their approved attorney but will cover lender title cost for that concession.
My house didn't need much work and I out about $20,000 into it. 18 months later it appraised for about $50,000 more than what I bought it for.
In short, very competitive and they give preference to first time home buyers in their process (they didn't like that I owned a home while I was bidding). Also, just depends on the condition of the home as far as what will need to be done. Mine was in very good shape for a foreclosure and is in an affluent area.
I was the high private party bidder at sheriff sale but the bank outbid me by about $15,000. I immediately engaged the most aggressive real estate agent in town that had worked with the listing agent previously in their careers.
Long story short, the first day the house was on the market they showed it 10+ times and had multiple offers at list prce (including mine).
We ended up getting it in a hoghest and best bid process for about $3,000 over list. FNMA will force you to close with their approved attorney but will cover lender title cost for that concession.
My house didn't need much work and I out about $20,000 into it. 18 months later it appraised for about $50,000 more than what I bought it for.
In short, very competitive and they give preference to first time home buyers in their process (they didn't like that I owned a home while I was bidding). Also, just depends on the condition of the home as far as what will need to be done. Mine was in very good shape for a foreclosure and is in an affluent area.
Posted on 7/12/15 at 9:55 am to Tiger4Ever
Bought my current home through homepath. I did an all cash sale. I beat out 2 other offers that were financed. They won't accept any contingent offers to my knowledge. Bought my house for 214K 4 years ago and have a contract to sell for 231K. There are deals out there.
Posted on 7/12/15 at 10:52 am to lsufan1971
quote:
Bought my current home through homepath. I did an all cash sale. I beat out 2 other offers that were financed. They won't accept any contingent offers to my knowledge. Bought my house for 214K 4 years ago and have a contract to sell for 231K. There are deals out there.
Historically real estate appreciates 1.5-2% yearly. Run the numbers, you pretty much paid fair market vale, and if your market is anything near mine, may have overpaid a little. The deals are very few and far between these days in my opinion.
Posted on 7/12/15 at 11:55 am to ynlvr
quote:
lower cash offer was accepted.
This is what pisses me off. My father has a self directed IRA and has zero problem doing a cash deal for the house.
Problem is that he then has no way to transfer it to me with a mortgage. I'd be tempted transfer it through my now fiance though but don't know how tax law would be affected since in the future, we would get married
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