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HomePath First Look - bidding period

I found a house in Hudson, NH 03051 on Homepath website. The First Look period has 5 days left, but the Seller Agent from Homepath told me that the first round bidding has ended. Does anyone know how the bidding process works? I am new to it, and could not find much info about it.



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March 17 2013 - Town of Hudson
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Hello Jim,
No, I have not physically look at the house because I live in UT right. I did the Sat view from Bing and Google, and see some house pictures in the listing. 
We plan to have the Agent be our eyes before making an offer. I have a pre-approved loan letter. The asking price is $295,000, we plan to offer $310,000. 
USAA bank is in the process to get us an Agent.
Thank you for all your help.

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March 18 2013
So far all of the information that you have been getting from everyone has been pretty good, but I will take it one step further.

If you really want to have an agent that will represent You and Your interest in the property, then you need to make sure that you find an agent that is not working for the listing agency. Then you need to hire them as your Buyer's Agent so that there is no confusion.

The other question that I want to ask is: Did you already look at the house with an agent? This could change your negotiations with a potential Buyer's Agent and it is one of the very first questions they will ask you.

I could probably find you an agent to work with in that area if you do not already have one or do not know anyone in the area that could recommend one.

Good luck!
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March 18 2013
I agree 100% that you need to find an agent to by YOUR agent. In my area, Homepath properties are often advertised a few days (usually three) and then they will look at any offers that have come in, that may be what she is referring to as the first round of bidding. They will generally take a look at any bids they have received and decide if there is one they want to work with. If not, they will continue to take offers. What does the homepath site show as the status of the house? It may be under contract, or they may not have yet received an adequate offer. 

Again, you want to find an agent that you like and trust, and have them submit any bids for you. 
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March 17 2013
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I should get the Buyer Agent by March 19, 2013. On Homepath website, it says 5 days left for First Look, but for unknow reason, the Listing Agent told me that the bidding is over. I want to bid on that house 5% more then the asking price. I will have a Conventional Loan with 20% down from USAA.

The house will be our principal residence. Listing Status is Active in Remax.com, and 5 days left in Homepath. According to Realitytrac, the house is listed on 3/12/13.
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March 17 2013
Fannie Mae holds out some properties to those who will occupy the home (as opposed to investors). Only those who will live in the home for at least a year are allowed to write an offer during the 'First Look' period. The exclusive period is 15 days (30 days in NV).

It's possible that their was an error when the property was listed on the Fannie Mae site (it's happened to me). So the exclusivity period might still be showing on their site, but it is now open to investor offers.

Talk to an agent in your area that's not the listing agent. Often listing agents of bank owned homes can't or won't represent buyers.
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March 17 2013
The HomePath website should be up to date.  They often extend the Owner Occupant period if they do not get a sufficient bid.  Fannie Mae has been maintaining a very hard line towards pricing lately and not accepting low offers.

You should contact an agent in your area to represent you. The public cannot place an offer directly on the HomePath web site and Listing Agents are usually not receptive (or not allowed) to act as dual agents.
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March 17 2013
 
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