I am looking at bidding on a Homepath property. What are some good bidding strategies? I am FHA approved; also considering Homepath too. Thoughts?

Asked by Voyardpublic, West Palm Beach, FL Thu Mar 28, 2013

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Antonio Vega…, Agent, Saint Cloud, FL
Thu Mar 28, 2013
I agree with Terry below that what works in Chicago does not work in Florida. If you are in Central Florida you will likely have to offer asking price or above for the chance to get a Homepath, Freddie Mac or Fannie Mae property. Competition for anything priced below 90,000 is crazy, with most sales going cash to out of area investors. You do have one advantage, most government programs allow first 15 days for offers from owner residents only (no investors) so that should cut the competition in half. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty

Tony Vega
La Rosa Realty
1 vote
Bob Brubaker, Agent, Lake Worth, FL
Mon Apr 1, 2013
My advice would be to look more at the listing for what it
represents to the seller, A ' cream-puff " something that
anybody can see value in is to be treated differently than
a distressed property-not ready to move into or in an inferior
location ,poor lay-out,etc.
The Asking Price is just "what the seller is asking" fair?, reasonable?
maybe-maybe -not. On the REO side HUD and Homepath both
are Sellers-no more,no less!
Time on the market is everything! In our market .listings with
good features go for better than asking! Many times only because
of " bidding fever ".but avantages of financing terms and incentives
may allow for "prudent" bidding -up Others sit-due to negative site
or condition specifics. These listings are " marked-down " periodically.
Longer the time- more incentive for them to move. But these listings
also sell close to the reduced price!- it's watch ,wait ,move.

Close following of Homepath.com website is recomended ,as well
as contact with an agent registered to submit Bids This allows
you to move when "its Right" Most importantly: you can't consider
buying what you haven't looked at ! "Leg-Work " recquired!

Bob Brubaker Highlight Realty Palm Beach County Fl, 561-876-6649
Web Reference:  http://Pbc-Realcam.com
0 votes
Mary Ngati, Agent, West Palm Beach, FL
Thu Mar 28, 2013
HUD Home approved Broker. http://maryngati.listingbook.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Mar 28, 2013
Bidding strategies these days are whoever offers the highest price, that's the 2013 bidding strategy with prices going up at 6% now or maybe more.

However, there are other options that can be used on other properties that may make more sense.

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0 votes
Jacquie Yekm…, Agent, West Palm Beach, FL
Thu Mar 28, 2013
The best bet is use a Realtor that has done Homepath property bids before.
I previously worked with a REO listing Broker with all their leads. I have submitted many offers to them.
If I can help, let me know
Jacquie Yekmalian
Lic Real Estate Broker
Florida Real Assist
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu Mar 28, 2013
I can only speak for my area, but typically the Homepath properties I've encountered generally sell within 95% of the list price, and they sell fast. The reason for this is, a lot of them have been made "move-in ready", and the discount is already built into the price. There are some exceptions to this rule, so you'll want to pull some comparables and account for the condition of all the properties when determining if the property is correctly priced. Many of the Homepath properties in my area are priced below market to start with, and some end up selling over list. Buyers know the value of paying a slightly higher interest rate that is tax deductible with Homepath financing - as opposed to flushing money down the toliet paying mortgage insurance.

If the property hasn't been on the market a long time (under 90 days), and you try to lowball - most likely you will just get ignored by the asset manager who handles these properties for the lender. If you find one you really like, my advice is to do some extensive homework on the market values of properties comparable to the subject property, and make a strong offer accordingly the 1st time.

Again, all locations/markets are different - so what's the "norm" in Chicago - might not be for Florida. I would get in touch with a local real estate professional who can help you identify these properties and pull the appropriate comps.

Hope this helps!
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