Posts tagged ‘Homepath’

December 13, 2010

SWING and a miss…

by brandt

The pitch was high and tight, and we swung low.  Looks like we’re on the hunt again.

House #7 – Rochester appears to be off the table.  We got a response back from Fannie Mae saying they rejected our offer.  While that’s a sharp jab to the chin, it’s not a devastating knockout.  Our agent then said that it was a long shot to get Fannie to accept on the first offer, especially since we were offering way under the listing price.

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December 7, 2010

House #7 – Rochester Part 2

by brandt

Part 1 is here.

OK, so I said it was a Homepath house, right?  And you remember what it meant to be a Homepath house, right?

You forgot?

Oh dear…

OK, a Homepath house is a house that is foreclosed on and the Government (most notably, Fannie Mae) is selling the house with loads of incentives to get someone into it.

First, they offer lower down payment and lower sale prices than other homes.  Conventional loans typically want 20% down, FHA loans require 3.5% down, but Homepath homes usually are OK with as low as 3% down.  Less cash to put down on a house, more cash in pocket.  Second, they are great for people who have less-than-great credit (which isn’t an issue for us).  Third, NO PRIVATE MORTGAGE INSURANCE!  Talk to any homeowner who has to pay PMI, and it is one of the worst parts about home ownership.  Fourth, no appraisal fees (which can be upwards of $300-$500)…again, more cash in pocket.  Fifth, because of the real estate economy, they’re also willing to chip in 3.5% towards closing costs – which is what we’ve been asking every time we’ve made an offer on a house.

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December 7, 2010

House #7 – Rochester Part 1

by brandt

Well, we’re back on tour again, and like a 14-year old at a Justin Bieber concert, I squealed and screamed and soiled myself just a little bit at this beauty of a house.

BUT FIRST!

You might be wondering what the deal is with House #2 – Rochester and House #6 – Lake Orion.  Well, after our house tour last night, I broached the subject with our agent.  I’m sure she was probably sick of me always wanting to know what the status was, what else did we need to do to get them to sign the purchase agreement, and what they mentally were not understanding about our offer.  Well, we finally got some answers, and it was like a lightbulb clicked on in my head.

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December 2, 2010

Brandt’s Craziness and Other Issues

by brandt

Short version – I’m picky because I’m over analytical with life.

A few nights ago, one of my friends sent me about our housing situation.  During the ADD nature of our text conversations (between mutually agreeing that Detroit Lions suck, the University of Michigan needs to fire Rich Rodriguez, and Brock Lesnar will hold the UFC Heavyweight Title again), he asked an interesting question about our little situation with the houses.

“So…now what?”

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November 22, 2010

Thanksgiving Week 2010!

by brandt

We’re at an intersting point in our housing search.  We’ve got outstanding offers on 3 different houses, here, here, and here.  One of the houses is listed as a Homepath foreclosure, but seems to be up for auction, so we’re not too sure what’s going on with that one.  The two other houses are listed as short sales, and because we’re giving everything we’ve got to get into the houses, we’re asking them to pay 3% closing costs.  This has become a sticking point with both sellers, because neither seller wants to pay closing costs, and they aren’t sure if the bank will pick up the costs or if they will get stuck with it.  So they haven’t signed purchase agreements, and we’re still waiting.

So what’s a potential new homeowner to do when it comes time for the holiday season?  Well, some of the best overall general life advice I’ve been given is “Take it all in stride, and keep it all in perspective.”

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November 3, 2010

House #6 – Lake Orion

by brandt

Just when you thought it was safe to go back into the housing market……

As many of you saw a few days ago, House #5 (that’s 5 houses we’ve toured overall) looked like a wonderful prospect.  It was huge, it could use a lot of TLC and a designer’s touch, it was priced wonderfully, and most importantly, it got both Ashley and I geeked.

Naturally, as we’ve learned during the course of this whole home-buying procedure, that means that something is going to go awry.

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November 1, 2010

House #5 – Lake Orion

by brandt

We were back on the house hunting trail again this last weekend. Last Friday, on a whim, I decided to browse through Realtor.com again to see what was out there, and if anything had changed from the listings that went out earlier that morning. To my surprise, a foreclosure had just dropped $18,000 to put it JUST outside our price range. I’d had conversations with my agent about what to do about houses that were outside of the price range, and she said it’s worth investigation because if it’s been on the market for a while, they might be willing to go even lower. Needless to say, we were very surprised.

Another big plus concerned the type of house – it was another Homepath house, which, as you will remember from the last one we looked at, has a lot of incentives as far as federal government loan programs go (most notably, no mortgage insurance). Once I get with a Homepath-authorized loan officer, I’ll post some updates with better information on the loans.

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