Profile picture for Johnny Martinez

Johnny Martinez

Agent

5 Recent Sales (last 12 months)

Realtor (9 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Consulting

Advice

  • (27 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

HomePath Loans Are Easy To Close

Response

I agree Norm, but without knowing if there have been any improvements to the property in the last 10 years and or if the immediate area is appreciating better than others we just wouldn't know if the value from 10 years ago is justifiable.

  (0)
HomePath Loans Are Easy To Close

Response

Think back at how much that house would've cost five years ago and also think about how interest rates were anytime before now...we're not going to see these rates again. Plus with the way the market is right now(atleast here in the Los Angeles area) with many buyers and low inventory, you're lucky to have gotten your offer accepted. I've seen 10-15 offers on average being put on a property when it hits the market. Right now it's not so much can you get a deal on a property it's more like can you even get an offer accepted??? To answer your last question on how to negotiate the price with fannie mae...negotiations were already done when they accepted your offer. I had a client once tell me to go back and negotiate the price with the bank on an REO property right after they accepted his offer and they flat out canceled the transaction. I told him that's what could potentially happen and it did. The only thing you can try to negotiate now are for maybe repairs or ask for a credit, but more than likely being that you're dealing with a bank they're going to reject any requests. These are just a few things to think about. Good luck on whichever decission you decide to make.

  (0)
HomePath Loans Are Easy To Close

Response

I think I agree with Cami. Sounds more like the loan officer's processing dept. keeps making the mistakes and of course they are going to blame it on Fannie Mae.

  (0)
HomePath Loans Are Easy To Close

Response

Homepath is great!...and so what if an appraisal isn't being conducted to get a value. That's why there is a thing called COMPS! If the agent is good and knows the area well, there's no need for it. Plus it's a nice perk to save your clients the money and not to mention not having to pay for monthly M.I. (mortgage insurance). Like Bubba Gump said "that's all I have to say bout' that". 

  (0)