re: Talk to me about foreclosure homes + Homepath Sales

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.