【How to】 Bid On Fannie Mae Homepath Property

00:48homes for sale you’re also gonna see

00:50them listed oftentimes before they hit

00:52the market if you’re looking for Fannie

00:54Mae homes for sale in wacom County you

00:56can always try paul balls re calm as

00:58well is the process similar to buying a

01:02short sale buying if anime property is

01:07not like a short sale with a short sale

01:09you’re writing an offer directly to the

01:11seller and the sellers upside down on

01:13their mortgage in that process would you

01:16have a seller who’s upside down this can

01:18take up to three to six months to close

01:20on a sale like this with Fannie Mae it

01:23is a straight up transaction you’re

01:25writing an offer directly to Fannie Mae

01:26you’re gonna have a response to your

01:28offer within two to three days and then

01:30you’ll be able to close within 30 to 45

01:32days similar to a regular sale is the

01:36home being sold as is

01:40when you’re considering buying a Fannie

01:42Mae property yes the home is being sold

01:45as is and the contract that you’d be

01:47writing the offer on is gonna state that

01:49throughout so when you’re looking at the

01:50property you want to account for the

01:52fact that there’s probably gonna be some

01:53repairs that may come up and you want to

01:55adjust your offer accordingly

01:57you will have the right though – a

01:5910-day inspection period during that

02:01inspection period if you find more

02:03problems than you’re comfortable with

02:04you can back out and not risk your

02:06earnest money deposit if on a rare

02:09occasion there is an emergency leak or a

Read about:   Are USDA Loans Assumable?

02:12major issue that comes up sometimes they

02:15will do repairs but it’s very rare

02:20what is the first look period

02:25Fannie Mae is committed to homeownership

02:27so they’ve created the 15-day first-look

02:30period that means that the first 15 days

02:32you’re only allowed to have an offer in

02:34if you’re an owner-occupied buyer after

02:36that 15 days anybody any investor can

02:39write an offer so what does

02:40owner-occupied mean with Fannie Mae they

02:43only consider you to be owner-occupied

02:45if you plan on living in the home as

02:46your primary residence for at least one

02:49year after you buy the home so if this

02:51is a second home for you or if this is

02:53for a son or daughter unless they’re on

02:55the contract they would not qualify and

02:57you would need to wait until the 15 days

02:59is out what is home path financing home

03:06path financing is an excellent financing

03:09option only available on Fannie Mae

03:10properties home path is direct financing

03:13through Fannie Mae and it’s offered

03:15through a lot of the local banks and

03:17mortgage brokers in the area home path

03:20features include as little as 3% down if

03:23you’re an owner-occupied buyer if you’re

03:25an investor as little as 10% down and

03:27two of the best features of this loan no

03:30mortgage insurance

03:31on your monthly premium with as little

03:333% down no mortgage insurance and

03:35there’s never an appraisal so you saved

03:37that 500 bucks as well go to home Pat

03:40calm and you can find all the local

Read about:   Are Mortgages Available for Mobile Homes?

03:42lenders in your area that offer home

03:44path financing well Fannie Mae look at

03:48lowball offers

03:51okay so with lowball offers you got to

03:54remember that Fannie Mae is just like

03:56any other seller they’re trying to get

03:57as much for this property as they

03:58possibly can

03:59they’ve had the property appraised a lot

04:02of times they’ve done some cleanup and

04:03put some money into the property and

04:05they’re trying to maximize their return

04:07so if you start super low it does not

04:10necessarily mean you’re gonna get a

04:11lower response from them on their

04:12counteroffer what you have to do is is

04:15you have to factor in how long has it’s

04:16been on the market what’s the condition

04:19of the property you also want to talk to

04:21your Realtor about what are the

04:22comparable sales like you got to factor

04:24all this in and then come in with an

04:25offer you think is fair and they

04:27oftentimes will negotiate but a lowball

04:30offer is not necessarily going to help

04:32you get a better deal thank you for

04:35watching this video again it’s Paul Vols

04:37aadhi with John L Scott real estate I’d

04:39love to hear from you you can call me or

04:41you know me any time otherwise you can

04:43go to HomePath calm as well for more

04:45information on fannie mae thank you