Home Buying in 30305>Question Details

scottonriver, Home Buyer in Atlanta, GA

I found a home on Home Path that's Under Contract - but, the agent told me that it fell through and will be available online tomorrow.

Asked by scottonriver, Atlanta, GA Thu Aug 1, 2013

Will the same 'waiting period' apply for investors as when it was first listed? I would like to bid but this will be a second home. thanks!

Help the community by answering this question:

Answers

8
To be considered a "Second Home/Vacation Home", Fannie Mae does require that the property be located in a resort type area. If you will be renting the property, it will definitely be considered to be an Investment Property.

Once the "First Look" period has ended, it would not start over.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Fri Aug 2, 2013
Ask the agent for the details on this waiting period and how much time is remaining. The waiting should continue and not revert back to the "just listed waiting period".
1 vote Thank Flag Link Thu Aug 1, 2013
Thank you! I'm trying not to drive my agent crazy but the thought of going through a new waiting period will drive ME crazy! Thanks again.
Flag Thu Aug 1, 2013
Still will need to wait for the home to reappear on the Homepath site in order to make an offer.
0 votes Thank Flag Link Sun Aug 11, 2013
Home Path doesn't restart the "waiting period". The first 15 days is for owner-occupants; once the 15 days have past; it's open to all bidders.

Once you go to Home Paths' website; type in the property address and it will say 7 days left; or 3 days left etc.

Keep in mind that the listing Agent works for the Seller; so I suggest enlisting the help of an Agent that can represent you, and make the offer on your behalf.

If you don't have an Agent; I would love the opportunity to earn your business.

All the Best!
Adell Forbes
0 votes Thank Flag Link Sat Aug 3, 2013
Hello Scott, Fannie Mae is a very difficult web of process and paper work It would be very beneficial to you to get the help of an Agent. Kaylane Peters. Coldwell Banker. Licensed in Ga. & La. 404-907-0798. Kaylanesellsluxury@hotmail.com
0 votes Thank Flag Link Thu Aug 1, 2013
Because this will be second home for you, Fannie Mae may not consider it an "investment" property. You may have to sign something stating that however. The best thing to do regarding the true status of the property is to continue to check Homepath.com and when it is listed, it will tell you if there is a still a "First Look" period or not. Either way, it may not matter. You definitely will want an agent who is familiar with the FNMA process for placing offers to place the offer on your behalf as their requirements are a little bit different. You also do not want to go through the listing agents office at all and use one of their buyer's agents. It is best to use a co-agent outside the brokerage. Fannie likes the transparency of that kind of deal. I will be glad to run comps and assist you with the buying process. I have a lot of experience with Fannie Mae buyers agency. Call my cell phone.

Gene Caifano
Real Estate Consultant
REO & Short Sale Specialist
Chapman Hall Realty
6100 Lake Forest Drive, Suite 120
ATLANTA, GEORGIA 30328
678-362-7458 Cell
404-252-4512 Office
678-399-6469 Fax
genesellsfast@gmail.com
http://www.atlantaareaforeclosures.com
http://www.chapmanhallrealty.biz

"Referrals are the greatest compliment I can receive as a real estate agent."
0 votes Thank Flag Link Thu Aug 1, 2013
Are you afraid to ask a question that you don't want to hear the answer to?
The answer won't change.
Have your own Agent prepare an OFFER for when it comes back.
Then you'll find out.

ps; my bet is; investors will have to wait.
0 votes Thank Flag Link Thu Aug 1, 2013
The waiting period does not start over. Best wishes!

Jen and Mark Bowman
Keller Williams Realty
941-840-0117
0 votes Thank Flag Link Thu Aug 1, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer