Home Buying in Schaumburg>Question Details

Katie F, Real Estate Pro in Lake in the Hills, IL

Question regarding what to offer on Homepath financing approved foreclosure?????

Asked by Katie F, Lake in the Hills, IL Mon Jan 2, 2012

Hi,

I found a home online that is "Homepath financing approved". It's listed at 179,900.....and I couldn't find anything in the neighborhood that has closed recently under list price. It's been on the market 10 days - do you think $172,000 would be considered or accepted? Also, how do you go about contacting the bank to offer this? I can't afford a penny more than 172k at this time (ive run the numbers 1000 times), but I'm not sure how flexible Fannie Mae Homepath is, expecially since it hasn't been on the market long. Does anyone have experience with Fannie Mae properties who could give a "general idea" of how this seller works in terms of negotiating????

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Answers

8
Actually FNMA goes by what is normal in the Northwest area which would be between 4-5% off the list price. Remember, if you ask for points, etc. that cuts in on the sellers bottom line. I would say that is a great off on that priced property depending of course on it's condition.

Lyn Sims
RE/MAX SUBURBAN
(847)230-7324
http://www.LynSims.net
Schaumburg IL
0 votes Thank Flag Link Sun Aug 5, 2012
Hm, I am not sure whether you are a first time home buyer or not, but nevertheless, the purchase of a home, no matter under what kind of umbrella, you should not do on your own, never!

You need to work with a trusted loan officer / lender to know what you can and cannot afford, then you need a good local Realtor you trust and you have a wonderful communication with and who understands what you
are looking for in size, style, location and price, and then do not buy without a real estate attorney who will
look over the real estate contract to protect your investment and your interests.....

And remember part of the Realtor's job is negotiating on your behalf.....

Do not do this on your own!
Good Luck a happy 2012
Edith YourRealtor4Life~! and your Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, buyers, sellers and investors alike....
Edith Always goes the X-tra Mile with a Smile for her clients!
Referrals of your friends, family and acquaintances are always highly appreciated
htttp://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Tue Jan 3, 2012
Are you working with a Realtor? If not, let me know and I will help you prepare an offer that is likely to get accepted. Besides the offer price, there are many other factors that could help make your offer strong enough to get accepted on this property. Let me know!

Happy New Year!

Sharon Harding
Broker
Re/Max Destiny
0 votes Thank Flag Link Tue Jan 3, 2012
Are you working with a Realtor? If not, let me know and I will help you prepare an offer that is likely to get accepted. Besides the offer price, there are many other factors that could help make your offer strong enough to get accepted on this property. Let me know!

Happy New Year!

Sharon Harding
Broker
Re/Max Destiny
sharonharding@remax.net
(847) 605-8455
0 votes Thank Flag Link Tue Jan 3, 2012
I've done a number of these deals and there really isn't any way to know based on your information what they will or will not accept. They base their opinion on market values for the neighborhood and if they feel the asking price is right they'll stick closer to it. Otherwise, usually something within about 10% is good.

Have you seen this house with a Realtor? You do need to be working with an agent to write and present the offer and this agent should also be advising you as to market values and what to do with your offer.

If you need representation, I, too, would be happy to help.
Janet Baier
RE/MAX Destiny
cell: 630-291-4700
0 votes Thank Flag Link Mon Jan 2, 2012
There are probably some other homes you should see, since many are not on Trulia or Zillow.
After we go out and look at 5 or 10 others and you get a better feel for what your options are, you may want to start at 165K, until we find out if there are other offers, then you may have to kick it up a notch.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Mon Jan 2, 2012
You have to have a buyers agent (like me!) to write the offer. But first, you have to see it & check if it meets your families needs. FNMA is having many 'specials' including paying points, 2 year home warranty, etc. Average list to sales ratio in Schaumburg is 5% off. Homepath approved means only 3% down.

You send the offer to FNMA's agent & then wait a few days for a reply, either yes - no or counter. Most of the time there is no counter only a rejection of your price.

Lyn Sims
Schaumburg IL
RE/MAX Suburban
(847)230-7324
0 votes Thank Flag Link Mon Jan 2, 2012
Fannie's behavior is really going to vary property to property. But I think that being within 8k is close enough to their ask price to get strong consideration. You might even be able to get it for less, although that would be slightly riskier in terms of actually getting the seller to accept your offer if there's any competition.

To offer on the property you need an agent. Since you already have the property picked out, I can offer you a sizable rebate. A rebate would also allow you to increase your offer amount, if necessary. Please contact me if you are interested in working with me. I would love to help.



Anthony Cavalea IV
Managing Broker / REALTOR®, SFR
Able Realty, Inc.
815-388-9300
0 votes Thank Flag Link Mon Jan 2, 2012
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