There are times when realtors have negotiated adding a contingency to the offer that allows the buyer to back out of the deal if the inspection finds significant problems. If your offer is accepted, you can have the home inspected. What are the Disadvantages of Buying a HomePath Property? If you’re pre-approved, they know that a bank has evaluated your financial condition and have more confidence that you can afford the home. One of Fannie Mae’s goals in selling these properties is to prevent future foreclosures. But to sweeten your offer, get pre-approved for a mortgage before applying. You can use that 20-day window to place a bid and increase your odds of buying your dream home, and you can also raise your offer if someone else has made a higher bid. To increase transparency, all HomePath offers are listed and accepted online. But once you want to place an offer, you’ll realize the difference. They use local real estate agents in their network to market their homes. You might have fallen in love with a HomePath listing without even knowing that Fannie Mae owned it.
They always prefer owner-occupied offers. However, that doesn’t mean you shouldn’t try to offer on a Fannie Mae property that’s been on the market longer. For the first 20 days that a HomePath property is on the market, only people who plan on living in the home may put in an offer.Īfter 20 days, investors and contractors can place offers, too. But Fannie Mae’s mission is to increase homeownership, not to help investors. Investors scoop up foreclosures quickly, often before they go on the market. Why are HomePath Homes Easier to Buy than Other Foreclosures? During the class, you’ll learn about owning and maintaining a home. But you could get a house at a discount, both in price and closing costs.įannie Mae wants homeowners to know what they’re getting into therefore, they incentivize buyers to complete their online homeownership training class by offering to pay up to 3% of closing costs. That said, they do try to price their homes at fair market value, so you might not get a fantastic deal. You’re not buying a foreclosure that’s in bad shape and hasn’t been maintained. They clean, update, and make cosmetic improvements to HomePath as needed. What are the Advantages of Buying a Fannie Mae Property?įannie Mae knows that homes that look run down and have no curb appeal won’t sell. While Fannie Mae owns the properties, offers are made through licensed real estate agents.
It manages homes that have come back to Fannie Mae through foreclosure. What is a HomePath home?ĭuring and after the foreclosure crisis in 2008, Fannie Mae created the HomePath program. If you’ve been looking at a Fannie Mae home, or are focusing your home search on foreclosures, here’s everything you need to know. You’ll need the help of an experienced realtor who has handled Fannie Mae’s document requests and requirements in the past or you could become hopelessly tangled in red tape. But because the home is owned by a government-sponsored agency rather than an individual, the home buying process is different. You can get a great deal when you buy a Fannie Mae home.
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