Be aware that these properties are sold "as-is" but definitely have a home inspection so that you know what you are buying. Make your offer contingent on the inspection so if there are major defects you will be able to cancel the sale and get your deposit back. If the property needs a lot of work there is a Home Path Renovation loan which rolls the removation amount into the loan.
What should you offer? You offer what you believe the home to be worth. Believe it or not, that might be more than list price - not less. If a home has been aggressively priced by the agent / owner, they could have multiple offers above list price. But just as often Fannie Mae properties will be over valued. Typically Fannie Mae reduces their properties about 10 percent every 30 days - assuming they've not received an offer.
Fannie Mae usually responds to offers within 5 days. If you feel there is room to go higher, and you'd still have equity in the property above your bid, and it will appraise at the higher value, You can certainly bid higher than asking price. If you feel it is a good deal, you should bid your hioghest and best offer right away before someone else sneaks a higher bid in and gets it first.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
a low bid may not recieve a response. Homes in Philadelphia settle for 88-95% the asking.
A Homepath property is typically priced lower then comparables. The point of the program is
to offer an affordable method for homeownership both ofn sale price and aquisition costs.
My experience with a Fannie Home Path in Philadelphia was much more like a regular offer than I had anticipated. The other office did respond to my buyers offer quickly, I hope that you are working with a buyers agent to protect your interests and who can give you access to recent comps for the property that you are seeking to secure. You need current data regarding what has sold, and also are you having the property inspected? Even if the selling side will not do repairs it is prudent to protect your investment and find out the as much about the property as possible. Each of these pieces of information will affect where your bid should be, each property must be considered individually.
Ana Barlow, Coldwell Banker Preferred, Avenue of the Arts Office