How long do homepath homes normally take to close?

Asked by j1234, Birmingham, AL Thu Oct 24, 2013

We are trying to buy a Homepath home. Our offer has been accepted, they are doing the repairs, and paying for them. The repairs have been approved and we're waiting on a start order. We've been waiting on a start order for 2 months. A total of 5 months in trying to get this home. Our closing date has been moved 4 times. Is this normal or should we be moving on and looking at other homes?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Scot Honeycu…, Agent, Nappanee, IN
Mon Mar 24, 2014
I have sold a Homepath home with a cash buyer and a buyer getting a loan. They both were around 30-60 days to close. I am sure it all depends on the area and how busy Homepath is at the time of your agreement.
1 vote
Hank Wilson, Agent, Bowling Green, KY
Mon Mar 24, 2014
I am curious of how long someone has taken to close on this with a cash buyer.
0 votes
, ,
Thu Oct 24, 2013
Most Conventional mortgages will close in 30 days or less. For HomePath, a quicker closing is sometimes possible since there is no appraisal to wait to be completed.

For repair issues, there is no preset timeframe for that. As a general rule, Fannie Mae does like to make additional repairs on its REO properties.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Kay Davis, Agent, Birmingham, AL
Thu Oct 24, 2013
Homepath and foreclosures, in general, can take 30 days or several months depending on the property. The last homepath closing I had was approximately 6 weeks ago. We had 30 days to close per homepath (which we did). However, the property had been one my client had tried to purchase for 18 months as a shortsale.

Probably, your repairs and closing are taking longer due to the government shutdown. Some of the fannie mae, hud and Freddie mac contracts and closings were delayed because of funding or a particular office being closed for the properties.

If this is the house or deal for you, than waiting it out is a good plan. Nothing prevents you for continuing looking. Please be aware you could possibly lose your earnest money by backing out.
0 votes
Michael Gould, , Birmingham, AL
Thu Oct 24, 2013
Renee is right, 45 days are more. Cash deals generally go quicker.

Good Luck !
0 votes
Renee Hamilt…, Agent, Alabaster, AL
Thu Oct 24, 2013
Unfortunately, the process can last from 45 days up to over 12 months. Having a persistent Realtor can help move the process along but it can still take some time. Good luck!

Renee D. Hamilton - Hoover, AL
205-504-0421
http://www.e21realty.com
0 votes
Kay Ray, Agent, Birmingham, AL
Thu Oct 24, 2013
It is not unusual on a foreclosure to have more than one delay. Just stay in touch with them. That also is sometimes hard to do. If you like the house it may be worth waiting on.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more