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Ask our community...As a buyer under the Homepath program what is the eligibility criteria?

I have been pre-qualified for a loan at Wells Fargo who does participate in the Homepath program.  My question is in regard to the asking/listing price on the Homepath website.

Is the asking/listed price for a home a set price that once an offer is made on the property it is either negotiated and, or accepted?  As opposed to having to wait for a deadline where the "highest bidder" gets the property, similar to a short-sale or foreclosure.







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June 30 2011 - Port Charlotte
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The listing price is just a guess at what the market will bear, more or less. You may offer higher or lower. The bank may or may not take the highest bidder. There may be several days (5-7 typically) before you receive a response to your offer, but usually they want your "highest and best" up front rather than negotiate. Not a deadline, just time to respond. Sometimes they will counter, sometimes accept, sometimes they will just ignore the offer. If you are an owner-occupant, Homepath will often pay for a home warranty and will favor you over investor (non-primary-occupant) buyers. Check out other incentives Homepath has. Be sure to use the services of a licensed real estate agent who is familiar with your area and also the intricasies of negotiating bank-owned purchases. If you rely on the listing agent, you will be without representation!
Good luck!
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June 30 2011
Profile picture for CarlosLagos
thank you…however, I read in one of their listings: 

"This Gardens of Gulf home has 3 bedroom 2 bathroom is in a lovely neighborhood! Built in 1988, this property has 1341 square feet of living area. Seller has painted portions of the home, converted back to 2 car garage and installed new appliances! This is a HomePath Financing property and requires no appraisal and no MI Mortgage Insurance! More information has been left at the home for your benefit and see attached in MLS. Purchase this property for as little as 3 percent down! Approved for HomePath Mortgage Financing. This property is also approved for HomePath Renovation Mortgage Financing. Close by June 30, 2011 and request up to 3.5% of the final sales price for closing cost assistance! Ask about additional details. Eligibility restrictions apply. 

So I was wondering what these eligibility restrictions may be
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June 30 2011
A HomePath property is like buying any other home. You make an offer on the home (regardless of list price - you can offer more, less or same) and they will either accept, reject or counter your offer.

If multiple offers come in, then you can have the situation where Fannie Mae will tell the buyers 'give us your highest and best offer'. Otherwise if your offer can sneak in ahead of others and it's a solid offer, chances are you won't end up in competition with others.

Fannie Mae has a 'First Look' program that gives preference to buyers that will use the home as their primary residence - as opposed to investors. The first 15 days of listing time (30 in Nevada) is reserved for such offers. If they receive a fair offer within those 15 days from a qualified buyer, then they will work with that buyer as the program aims to bring stability into neighborhoods that have seen a lot of foreclosures.

It is imperative that you use a real estate agent familiar with foreclosures as the paperwork is voluminous and any error in the paperwork (ANY!) can get your offer rejected. And if another offer emerged in the time you took to make a fix, you would lose out. Foreclosures require more paperwork and just plain work, but in the end they can be a great value.
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June 30 2011
 
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