Friday, November 14, 2014

Home buying tips: Can you buy a Fannie Mae HomePath property?

The housing and financial crash of 2008 created difficult situations (hoops) for property owners, buyers, investors, sellers, lenders and real estate professionals (moi).  HomePath by the quasi-governmental agency Fannie Mae is basically a government program to help stabilize the housing crisis by quickly selling vacated homes (attained by foreclosure, deed in lieu of foreclosure or forfeiture).   Long story short on HomePath: The government owns the homes and enlists brokers to sell them.
Bottom line: HomePath has a national inventory of properties and you may buy them. The purchase process does not proceed like a "conventional" property sale. One of the best features is that home buyers looking for their primary residence get "First Look".  This allows you the opportunity to purchase a home you want to live in without the competition of investors looking to "flip" the house or rent it out.

As Real Estate Brokers Bob and I are experienced in consulting our clients on a strong, effective offers for HomePath properties.  We complete the cumbersome offer package quickly so your offer is considered. We immediately handle responses from the listing brokerage. Responses can go back and forth for some time.  Quick experienced actions will give you the edge in foreclosure purchases.

This long time deserted home in the Ravenswood neighborhood could end up on the roles of Fannie Mae and in the HomePath inventory one day.  It will sit until a bank or entity gets control of the home and lists it for sale.

HomePath properties are listed with real estate brokers on the local MLS just as all other listed properties.  There is no secret stash that you can buy.   I would send you these listings in the same manner as most homes.  However, you may also use the HomePath site to search their specific inventory.  This is helpful if you are interested in properties in other states or like to specifically deal with vacant homes and the "First Look" advantage.

We handle many different types of purchase scenarios.  Just ask!

No comments: