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
Chat with me on: http://www.RealEstateMadeEZ.us