inna ivchenko, Real Estate Pro in Calabasas, CA

how to get homepath offer accepted?

Asked by inna ivchenko, Calabasas, CA Wed Jul 25, 2012

any suggestions on making a 'win win' offer?
Can you share your experience?
* is it over asking price? ( comps usually are good)
* how much you ask towards closing cost ( if you do)
* do you ask for repairs( credit)?
* what if it is homepath renovation mortgage( fixer house)?

I'd appreciate any experience sharing, is you know an reo listing agent usually no help...yeh, one more: what is the best way to reach such agent?;)

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Annette Law…, Agent, Palm Harbor, FL
Wed Jul 25, 2012
Bids on Homepath homes can only be submitted by real estate professionals.
Homepath homes are often on a schedule of incremental price reductions. If an offer is not accepted the price will be lowed and they will look at the new offers.

There are two stages to Homepath sales.
If the buyer is looking to leverage contingencies, you must get your offer in during the first stage, for resident buyers. This is negotiated very similarly to a traditional sale. Contingencies can be included.

If you miss the first stage, you need to strip your offer of contingencies and be prepared to start bidding. This means you will be required to be at the keyboard every morning. Many of these Homepath offers are handled by a servicing organisation located in .....INDIA! Be prepared to adapt to the time differences. If you want to be a first responder, you may need to work INDIA time.

A scenario during this may look look like:
New price 100K
You offer 75K
Offer rejected
New price 92K
You offer 75K
Offer rejected
New price 88K
You offer 75 K
Offer rejected
New price 82K
You offer 75K
Competing offer for 80K accepted.

In my real world experience, if your buyers are out of touch with reality, they will miss the purchase by about 15%. Someone will want it just a little more and will have their bid accepted that is 15% more.. They let a good deal get away because they want to sensational deal. (Especially if allowed to go to the second stage)

This process will require the real estate professional to stay extremely focused on this effort. Miss just one session and your buyer will very likely lose their opportunity to participate.

Ask your broker who the REO king is in your office. or better yet, see how up to date your broker is. After all, this is exactly why you pay your broker!

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420. 4041
Let's chat real estate on:
1 vote
cont. on my experience with homepath ( time: for last month till this morning)
found REO,
submitted offer next day: full package, above asking price, financing they wanted
next day - the house is under contract, my offer ignored( never had acknowledgment or any reaction on it)
house BOM in a week, we submit a stronger offer ( by terms)
multiple round- after one week: rejection, no comments,
house under contract
in a few days: it is BOM
we submitted offer again!
few days it is under contract AGAIN
my offer is still ACTIVE, never had any comment or rejection
few days passed, again: house BOM
having the previous offer sitting there, I submited again !
Two active offers are sitting there - this morning the house is listed under contract!
NO reaction again on my offers!
I call agent- NO reaction: no answer, no calls back.
I watch my first time buyer going koookooo.
the tiny fixer ( required tons of work) is going back and forth under contract.
Flag Fri Aug 10, 2012
Thanks so much!
or col,
well. we went 5% above and were rejected. I'm submitting again!
Flag Wed Aug 1, 2012
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