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Old 07-21-10, 04:16 PM   #1
shifrbv
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Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

I've been trying to purchase a home through Fannie Mae's Homepath program. I don't get it. I offered just a few K below list price and they don't want to sell. I have excellent credit, a very large downpayment, and no other issues. Yet, they will not accept the offer. I was told there were 11 other offers on the property by the listing agent and yet, no one was granted a contract. The property just sits there empty.

Bernanke says the economy is not moving and that everything is slowing down again. I feel like the government must be at fault because here I am trying to buy a home but Fannie Mae doesn't seem interested in selling it at all.

Has anyone else dealt with the Homepath program?
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Old 07-21-10, 05:02 PM   #2
Eva Kaine
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

Are you serious?
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Old 07-21-10, 06:01 PM   #3
devynal
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

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Originally Posted by shifrbv View Post
I've been trying to purchase a home through Fannie Mae's Homepath program. I don't get it. I offered just a few K below list price and they don't want to sell. I have excellent credit, a very large downpayment, and no other issues. Yet, they will not accept the offer. I was told there were 11 other offers on the property by the listing agent and yet, no one was granted a contract. The property just sits there empty.

Bernanke says the economy is not moving and that everything is slowing down again. I feel like the government must be at fault because here I am trying to buy a home but Fannie Mae doesn't seem interested in selling it at all.

Has anyone else dealt with the Homepath program?
Last winter I put a bid on a Fannie Mae owned foreclosure for a few thousand under asking and they accepted it almost immediately. However, they altered the purchase agreement three times, from accepting a few allowances for appliances, carpet, etc. to nothing at all, even though the Homepath program stipulated they would provide appliances from a government mandated list as a part of closing. Aside from that, the inspection turned up some things they wouldn't remedy; they'd only fix something if the problem would be dangerous to us occupying the residence. It just gave us a weird vibe, so we cancelled the contract and kept looking.

My advice would be to get a buyer's agent that really knows about foreclosures, especially ones owned by Fannie/Freddy, and read everything carefully.
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Old 07-21-10, 06:33 PM   #4
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

It's possible they do not like some of the contingencies you have on the contract to buy. Have your agent contact the selling agent to try and get more information.
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Old 07-21-10, 07:56 PM   #5
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

We looked at one, and they said that the sale was "as is". The house needed serious foundation work, which we understood was the domain of the seller under most conditions, but Fannie Mae wouldn't do it, but they had another program whereby you could add the cost of the repair in with the loan if you couldn't come up with the cash up front. We didn't get to the offer stage because someone beat us to it.
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Old 07-21-10, 09:29 PM   #6
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

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Are you serious?
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Old 07-21-10, 09:40 PM   #7
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

Homepath is nothing more that Fannie's lending arm and that is it. If you are going through Homepath, that is to be your lender. Good advantages to doing so. But otherwise, I sell homes for FNMA in my area. What you describe is not uncommon. Offer full price if you want it and you are just a few K below it. Especially with so many other offers. They are probably trying to figure out what to do. And they have so many homes right now they are really slow to get back to people. Buying bank properties sucks. But usually it is still worth it. But I warn anyone looking at bank properties...."This will suck. You will get frustrated. You will not enjoy this." Then I have sex with the king's wife. Maybe that was 300. But you get the point.
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Old 07-22-10, 12:20 PM   #8
shifrbv
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

An update: My agent resubmitted the contract at full price. She said there was a verbal agreement that their management OK'd it per her conversation with the list agent. It's an easy contract. No contingencies, no inspection, nothing. All they need to do is sell the property as-in. I'm fine with that.

We sent purchase agreement and hear nothing. Meanwhile, the house is still listed as available on MLS and Homepath's website . So I talk with my agent and ask what's going on because we had a verbal OK. Now the list agent sends an e-mail to my agent saying we don't have a signed contract because they are waiting for management approval (which the list agent said we had).

Meanwhile, I call the list agent's office and inquire about the property anonymously. I am told it's still available and would I like to schedule a showing.

At this point, with my agent I feel like the list agent is a liar and still taking bids on the property and the verbal OK was total BS. I feel like for some reason he is stalling and I don't know why.

I don't have any idea if my offer will be accepted or what's going on. I don't know why they agreed to accept list price and have me resubmit the purchase agreement but are now taking their time and reshowing the property if someone is interested and surely accepting bids again. And lastly, I don't understand why they didn't approach another bidder since there was so much interest. It's a very weird situation to me.

Is there any insight on this from you Dave as to what is going on?
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Old 07-22-10, 12:26 PM   #9
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

That kind of runaround is not exclusive to HomePath properties. It happens to regular sales, too.
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Old 07-22-10, 12:34 PM   #10
shifrbv
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

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Originally Posted by zombeaner View Post
That kind of runaround is not exclusive to HomePath properties. It happens to regular sales, too.
I don't have much experience buying homes (especially foreclosures that alot of people seem to be interested in). So why does this happen? What are they trying to accomplish by telling me to resubmit and making me believe that I had an agreement, then they don't follow through? Why not go to another bidder as well? What do they hope to accomplish by going through that whole process again?
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Old 07-22-10, 03:49 PM   #11
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

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Originally Posted by shifrbv View Post
An update: My agent resubmitted the contract at full price. She said there was a verbal agreement that their management OK'd it per her conversation with the list agent. It's an easy contract. No contingencies, no inspection, nothing. All they need to do is sell the property as-in. I'm fine with that.

We sent purchase agreement and hear nothing. Meanwhile, the house is still listed as available on MLS and Homepath's website . So I talk with my agent and ask what's going on because we had a verbal OK. Now the list agent sends an e-mail to my agent saying we don't have a signed contract because they are waiting for management approval (which the list agent said we had).

Meanwhile, I call the list agent's office and inquire about the property anonymously. I am told it's still available and would I like to schedule a showing.

At this point, with my agent I feel like the list agent is a liar and still taking bids on the property and the verbal OK was total BS. I feel like for some reason he is stalling and I don't know why.

I don't have any idea if my offer will be accepted or what's going on. I don't know why they agreed to accept list price and have me resubmit the purchase agreement but are now taking their time and reshowing the property if someone is interested and surely accepting bids again. And lastly, I don't understand why they didn't approach another bidder since there was so much interest. It's a very weird situation to me.

Is there any insight on this from you Dave as to what is going on?
Here is how it generally happens with REO homes.

You submit a written offer. If they take yours, they negotiate completely verbally. They may have something on a computer screen, but no signatures, etc. Once you "have a deal" you actually only have a deal according to the "asset manager" who handles that particular property for FNMA. They have to get actual approval from the bank....as FNMA is just the mortgage insurance company (for most loans). That approval is 99% assured. The only times it isn't is when you have a bidding war, and even then it generally is. Then FNMA writes up their own contract that is to go along with your offer. It still isn't signed, as you sign it all first. Their contract effectively says, "everything in your contract is crap, and everything in ours is good. You pay 100% of all closing costs, no matter what the local custom is, unless otherwise written on line 17 (or some number)." Read their contract very carefully. You will hate it. It gives them the right to do anything, including call off the sale for no reason.

At the same time, don't let that keep you from a good deal. I've never seen one not close because of the bank, etc. I've never seen them even verbally negotiate with someone after they have verbally accepted another deal. They don't generally do backup offers, etc. either. Some listing agents don't want to take them off the MLS until they have the signed deal. They are stupid, and if they have worked for FNMA before, they know they can't get a new offer in even if they wanted to. If you called and got a random agent at another office, they may not know you have verbal acceptance and it simply shows up as an active listing. That doesn't surprise me, but odds are that if they tried to present an offer, they'd be SOL.

All that you describe is very normal for a FNMA deal. As I said, you will hate it. Let me know if you have any other questions.
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Old 07-26-10, 02:33 PM   #12
shifrbv
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

Thanks Dave for your advice. Everything went according to what you said. I even had a few problems with the property and got them to lower it by $20K and it still went through. The seller's agent was a real pain and didn't think it would go, but the asset mgmt. firm agreed and from there, it was just a matter of waiting for the paperwork to get done.
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Old 07-26-10, 02:39 PM   #13
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

Good deal, and congrats.

It is a frustrating pain in the ass.
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Old 08-05-10, 01:34 PM   #14
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

Fannie Mae IS A JOKE!!

I recently put in an offer for what I thought was "fair" based off the same house that was litterly dumped by HUD twice for 19K less than this price.
They came back with 1500 UNDER the list price for a foreclosure what was sitiing for two months with no prior bids, no appliances/ no carpets/ leaks in the celing, etc.. and tried to change the agreement to make me responsbile for all repairs discovered during inspection. I didnt even bother countering.
HUD can actually be negotiated with and they will litterly take off 20 percent if a house is sitting for awhile and wont try to screw you over left and right with the contract. These same folks quote on their website that they look to seel these houses in a "timely manner" to keep it from affecting the neghborhoods. Yeah right. Let them burn through more money with the houses sitting empty.
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Old 08-05-10, 02:58 PM   #15
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Re: Has Anyone Ever Tried To Purchase A Home Through Fannie Mae's HomePath Program?

HUD is the joke. Because of the way their system works, their homes routinely sell for far less than market value and they often take forever to close. I no longer do any work for them.

And I am sure FNMA didn't make you responsible for any repairs that came up, they simply said that they would not make them. It is sold "as-is." Big difference there. They aren't perfect, but they aren't in it for you, either. They are trying to lose the least amount. That has never seemed to be the goal with HUD.
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