Profile picture for lmino4

Homepath home "back on the market" with several offers?

My husband and I put in an offer for a Homepath property. Last week, I went on the homepath website, and I saw the status of the home changed to "under contract" My Realtor did not get any notification of  our offer not being accepted or anything, so we moved on. Yesterday, I went on the homepath website, and I saw the status of the property changed to "back on the market" I know this property had multiple offers, I guess my question is why wouldn't homepath just accept another offer they had instead of opening up the house to more offers? We are thinking of changing our offer to a higher price, a little over asking price to see if that might change things for us. This is the first home we have put in an offer to, and we really want it. I have never worked with homepath, and I'm just curious to know what their technique is. Any advice would be great. Thanks!
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April 29 2013 - Davie
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Answers (7)

Homepath is very slow to respond and often agents working these properties are focused on quantity. I know one listing agent who closed 86 home path homes last year. 

 Everything with homepath is online and offers are sent off for approval. Once they take an offer the rest are thrown out and a new offer is to be made. 

We bought two homepath homes last year with our buyers and the process was anything but easy. It really depends on the listing agent who is working with homepath also.  

RJ Hackworth
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April 03
Profile picture for gator70
Homepath is often overpriced. They will take any action to catch a fool. Dont chase those properties. 
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December 26 2013

Hi there,

By now you probably already purchased a home, but if not, feel free to call me.

I worked with homepath properties before and you should make sure the
realtor you are working with is knowledgeable on the process because
it can get a little confusing. It's almost like a bidding war, you have to act
quick and yes, if status is changed then it will just go back on the market.

All the best,

Jannicha Forte, PA
(954) 214-7170
jannicha@yahoo.com

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June 12 2013
Homepath is offered through Fannie Mae as a REO property and homesteps is offered through Freddie Mac as a REO Property ( both are foreclosures)
Buyers and investors tend to gravitate towards those properties they tend to be priced below market value, some with minimal work requried in repairs. I have seen the Fannie Mae homes with fresh paint and new carpets ready for move in,  which those properties tend to have multiple offers.
If you know before submiting your offer there is a  multiple offer situation you will want to submit a good solid offer, with perhaps none  to minimal contingencies, remember those properties are sold as-is from the start.  I always suggest an inspecton on new or resell properties with my clients.
Your Realtor will walk you through the steps once you win -

Best wishes!
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April 29 2013
If you're not the winning bidder, often the listing agent won't get back to you. It's a bit like applying for a job and never hearing back.

It sounds like none of the offers were acceptable to Homepath, so they started over. It's not always about price; it could also be closing terms, contingencies, etc.

Personally I think some Homepath homes are priced at a premium level. So make sure your offer will appraise for contract price. Your agent can help you determine the current market value of the home.
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April 29 2013
Profile picture for lmino4
Unfortunately, the seller agent is not being very cooperative- He has not gotten back to my agent, and is not very helpful. I wish that he would be able to enlighten us a bit to know how we can get this house. 
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April 29 2013
Opening it to more offers is what they do. Who ever the listing agent is seems to be doing a sub-par job, they should be the one telling your agent what is going on and to come back for another offer, the deal fell through, etc.
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April 29 2013
 
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