Homepath with tenants in place- help

Asked by Jessica PD, Atlanta, GA Mon May 27, 2013

Looking at a Homepath home with tenants in place. Does anyone know what the process is for purchasing a home with tenants in place? We want to occupy the home on day one ( and need to for loan terms) but we are unsure if they are provided a 90 day notice and if we can write into contract that Homepath will ensure the house is available for us the day of closing. Our agent has reached out to the listing agent but we haven't heard and we are eager to place and offer. Any advice would be great. Thanks!

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7
thinz, Agent, Allenhurst, NJ
Fri Jul 10, 2015
I've purchase several Homepath homes with tenants in place...and, prefer that!
There are lenders who reject shortsale offers that are now renting out foreclosed homes...and looking for buyers!
Tom Hinz http://www.shortsaletosell.com
0 votes
Kawain Payne, Agent, Seal Beach, CA
Thu Jul 11, 2013
Home Path homes are sold vacant to the best of my knowledge.

Kawain Payne, Realtor
0 votes
Mayra Your H…, Agent, Buford, GA
Tue May 28, 2013
Jessica,
You will need to reach out to the listing agent. If the tenant has a lease agreement and Hompath hasn't negotiated move out process yet, then you might end up having to keep the tenant until the leases exprires. I have personally sold a few Homepaths with Tenants in place and for most part Homepath offers them a move out incentive so that they vacate the property. The way that I see it now, 1- Hurry up to make the offer, you still have to win the home. 2- Negotiate the moving, closing terms in your due dilgence period. Homepath gives you about 12 days. 3- Make a smart offer. You can miss the moon for counting the stars. GOOD LUCK on this one!!
0 votes
Rick Payne As…, Agent, Norcross, GA
Tue May 28, 2013
Good Morning Jessica,

Solomon Greene answered you correctly. I had two clients last year that found themselves in the same situation as you are considering now with the purchase of a Homepath home.

My advise to them at the time was run don't walk away from the home.

Good Luck,

Rick Payne

"As Seen On HGTV House Hunters"

Keller Williams Realty

678-427-5512 (cell)

404-972-9953 (E fax)

repayne7@bellsouth.net

http://www.rickpaynesold.com
0 votes
Maria Gilda…, Agent, Manchester, CT
Tue May 28, 2013
In my previous transactions with bank-owned homes, their listings were ususally vacant. However, I learned through one of my fellow professionals who is primarily an REO agent that she has received assignments wherein tenants are allowed by the banks to stay in the property to prevent vandalism of sorts.

I find this hard to believe because occupied properties, especially by tenants, are more difficult to show.

Because bank's addendum is very controlling (to use a lawyer's opinion of it),it would be wise not to make an offer unless there is a legal document from the bank that the property will be vacant prior to closing.

As Jessica stated, proceed with caution.
0 votes
Solomon Gree…, Agent, Duluth, GA
Tue May 28, 2013
Jessica,

My clients have also expressed interest in Homepath Properties with tenants already in place. Unfortunately, there is no way for them to know the terms of the existing lease, but the new owner will be required to honor it. That is why I usually advise that they do not pursue a purchase of rented properties.

Did you see this new story from CBS Atlanta? Tenants of Homepath properties can play the same tricks. Proceed with caution.

http://www.cbsatlanta.com/story/22390586/cbs-atlanta-news-ex…

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, REALTIST®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
Gordon Parker, Agent, Highland, IN
Mon May 27, 2013
Jessica,

Homepath homes (Fannie Mae Homes) are homes that have been foreclosed on and they have no one living in them. They don't exist with tenants in them.

Respectfully,

Gordon Parker
0 votes
Yes, Gordon, they do have tenants in them. These agencies have to abide by a lease that is already in place and they are now allowed to rent out their inventory if they so choose.
Flag Thu Jul 11, 2013
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