Home Buying in Philadelphia>Question Details

Cdd833, Home Buyer in Philadelphia, PA

If I am putting a bid on a Fannie Mae Home Path property, how long does it take for them to respond? also should i bid higher than asking price?

Asked by Cdd833, Philadelphia, PA Mon Mar 5, 2012

I am trying to figure out the best bidding strategy... i don't want to lose the proper but I also don't want to offer asking price. If you bid lower will they counter or will they just not accept the bid and wait for a better bid?

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Fannie Mae Home Path properties usually go for list price or a little more. FM lists the property at the appraised value - that is why if you get a Home Path mortgage there is no appraisal requirement. Yes they will counter and if its a multiple offer situation they will ask for your final and best offer.

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.
1 vote Thank Flag Link Tue Mar 6, 2012
I just got a rejection on a home path renovation house. We went through two multiple offer rounds and after 2 weeks got 'ooops', resubmitting offer again. Original offer was 5% above asking price, didn't asked much. I'm really confused, because the house is still listed as active. Any suggestions?
Flag Wed Aug 1, 2012
Thank you all for your responses. I ended up bidding lower than asking... they countered and I bid lower again and my offer was accepted! Thanks for helping me have a better understanding of the process.

CDD
4 votes Thank Flag Link Fri Mar 16, 2012
I just put an offer in for a homepath fannie mae property. How long did it take for them to respond to your offer? My realtor also told me that if they do not accept it that they do not have to tell me? Any advice? Thanks so much - Maria
Flag Mon Jan 14, 2013
Fannie Mae is generally quick to give a verbal acceptance or counter offer. They're a little bit slower to get back a signed purchase agreement.

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.
2 votes Thank Flag Link Mon Mar 5, 2012
Dang, way to go on getting it lower!!!!!
1 vote Thank Flag Link Mon Apr 8, 2013
Hi Cd,
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.

Good Luck.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
1 vote Thank Flag Link Thu Mar 8, 2012
I saw a property on homepath and I am very interested in it and I was about to bid on it when an independent agent told me there are violations on the said property.If I purchase it am I liable for the violations....Thank You.
0 votes Thank Flag Link Fri Feb 28, 2014
I would like ti get a homepath home in and around uniondale ny, 4 bedrooms 2 bath finish basement can I put a request in for a call fromm and agent
0 votes Thank Flag Link Mon Apr 8, 2013
Consider that, if it's a good price, there will be multiple offers. The seller will take the highest and best offer. Usually this is your only shot unless there happen to not be any other bidders. In that case, the seller MAY counter offer. They usually will decline, though and, if there are not better offers, you can submit another.
0 votes Thank Flag Link Tue Aug 21, 2012
You should be working with a realtor to answer these questions. You are correct in saying
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.

Carl Caldas
CITYSPACE
ccaldas@phillycityspace.com
0 votes Thank Flag Link Sat Mar 17, 2012
Hi It would be to your benefit to work with a buyer’s agent, and I am not sure how you are making an offer now. Your offer should be based on the condition of the property compared to what the market price is, base on a comparable homes sold in good condition. Last thing you want is to buy a property and find out that it is not worth the money you invested after fixing it up, if it needs fixing. As far as getting back to you, they might counter or say it is too low and go to next higher one.
Web Reference: http://www.lenhomes.com
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Cdd833:

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
anabarlow@gmail.com 215.701.9117
Web Reference: http://www.anabarlow.com
0 votes Thank Flag Link Mon Mar 5, 2012
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