Special offer

Why Buy a Homepath Home ?

By
Real Estate Agent with Beverly & Company Properties 818-903-2040 RE Broker Lic #01712757

Why Buy a Homepath Home ? 


homepath home

Why buy a Homepath Home? The seller of the property is Fannie Mae when they offer Homepath financing on a home. Fannie Mae homes are bank-owned or foreclosures. 

 
One of the best benefits with Homepath for buyers is called First Look. The first 15 days that the home is listed for sale is reserved for buyers that will occupy the property and investors are not allowed to submit an offer during that time. Often, homebuyers are not able to compete with investors that come in with cash offers. First Look gives homebuyers an opportunity to purchase a home without the investors competition. 
homepath for sale
 
With as little as 3% downpayment, buyers may purchase a home with Homepath financing. The 3% may also come from a gift. The seller may also contribute towards the buyer's closing costs on Homepath homes. 
 
On FHA financing vs Homepath regarding condos for sale-- not all condo buildings are FHA approved so FHA would not be available in such a situation. However, Homepath allows financing for condo home purchases. 
 
Do I need a Real Estate Agent to submit an offer on a Homepath home? Yes, Fannie Mae requires that the buyer be represented by a licensed Realtor. If you would like to be connected to a Homepath loan agent or need the help of an experienced foreclosure real estate agent, please contact me directly at 818-903-2040. 
 
 
homepath home for sale
 
 
Agoura Hills, Arleta, Bell Canyon, Beverly Hills, Box Canyon, Burbank, Calabasas, Camarillo, Canoga Park, Canyon Country, Castaic, Chatsworth, Culver City, Eagle Rock, Encino, Glendale, Granada Hills, Hidden Hills, Hollywood, La Canada Flintridge, Lake Balboa, Lakeview Terrace, Los Angeles, Malibu, Mission Hills, Moorpark, Newbury Park, Newhall, North Hills, North Hollywood, Northridge, Oak Park, Oxnard, Pacoima, Panorama City, Pasadena, Porter Ranch, Reseda, San Fernando, Santa Clarita, Santa Monica, Saugus, Sepulveda, Sherman Oaks, Simi Valley, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sylmar, Tarzana, Thousand Oaks, Toluca Lake, Topanga,Universal City, Valencia, Valley Village, Valley Glen, Van Nuys, Ventura, West Hills, West Hollywood, West Los Angeles, Westlake Village, Winnetka, Woodland Hills

Comments (5)

Cameron Novak
The Homefinding Center - 1000 Palms, CA
Real Estate Broker since 2008

I do like the effort they make to accomodate owner occupants PRIOR to entertaining investors.

Feb 27, 2012 06:09 PM
Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Sara,

Very good blog on the advantages of buying a FNMA foreclosure with Home Path financing.

All the best to you

Phil

Feb 27, 2012 06:50 PM
Sara Mehrpouyan 818.903.2040
Beverly & Company Properties 818-903-2040 - Sherman Oaks, CA
CA- Sherman Oaks and Woodland Hills Real Estate

Cameron-- I agree :)

Thanks Phil. Best to you as well. 

Feb 28, 2012 05:42 AM
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

I have an offer in on a Homepath property and finding it testing the patience of both buyer and me the Realtor.  We put in the offer on line.  It went several days then went to multiple offers.   The agent had us send direct to him the counter then a day later asked to put it on line in the revise area, which we were asked to up load contract again with counter, homepath addendum and occupancy addendum, again.  They said they would let us know yesterday.  Its monday and still nothing.  I emailed the listing agent and got no response and the site says submitted, nothing more.  The origional offer was input on the 8th.  I like the old days when you submitted your offer, were notified of multiple offers then got an acceptance or rejection quickly. 

anyone else having this problem?

 

Mar 19, 2012 05:46 AM
Anonymous
delores

Oct. 16, 2013

What is it with these Homepath Homes.  I live in Cleveland, Ohio.  I recently lost my house due to a fire.  Being 65 yrs. old, my daughter offered to buy me a house, paying cash.  We found numerous houses, most of which indicated they were foreclosed homes on the Homepath list.   We made offers on at least five houses since July and not one has been accepted.  I am at my wits end.  We have the money, there is no financing involved, we are going to actually live in the house, we are not investors.  Yet they keep dangling a carrot in front of us.  We have seen one house go under contract four times since July, active to under contract then back to active.  We had given up on it even though they called back once asking if we were still interested.  We submitted another offer and it was rejected.  I think Fannie Mae should look into how difficult these realtors or who even controls these acceptance or rejections.  I  will be practically homeless by Oct. 31 as I must vacate my temp residency by then.  I guess Cash does not count for much nowadays.

Oct 16, 2013 01:29 PM
#5