On a foreclosure property that is a fannie mae homepath has dropped $20thousand in the last 30days what chance do you have for another $20k off?

Asked by isc7833, Fort Wayne, IN Sun Jul 22, 2012

The property is located in the New Glenwood addition on full basement that has flooded but has been gutted already and has a horrible must/mildew smell in ENTIRE home.

Help the community by answering this question:

+ web reference
Web reference:


Annette Lawrence’s answer
Annette Law…, Agent, Palm Harbor, FL
Sun Jul 22, 2012
HomePath is an excellent option to snag a great value.
As you have observed, these homes are placed on a scheduled price reduction program. The price will be consecutively reduced until it sells. Your real estate professional will be able to advise you regarding the reduction intervals.

You need to complete a comprehensive analysis of what you believe the property is worth in it's present condition. This number will very likely be the very same number all the other potential buyers have calculated also. The consequence of this is the home will sell for 15% above this value.
Too many HOMEPATH buyers don't grasp this sufficiently early and watch as some great homes get purchased by others.

If the current price is 40% above the calculated value, you can anticipate another reduction, but if you wait for the price to drop 40%, another buyer will purchase the home with only a 30% reduction. Fear of overpaying often becomes a road block to a truly great deal.

Best of success in your home purchase,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420. 4041

Chat with me on: http://www.RealEstateMadeEZ.us
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Jul 22, 2012
As far as value, a good local buyer agent can easily assess what the home is worth as is. FNMA is not always the easiest place to buy a home from, teh paperwork is strict and it takes a long time for answers and signatures. Having an agent who is familiar with them sure can help.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more