Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Found a Homepath Foreclosure...
I found a really really nice house on Homepath, in a great neighborhood. We are about 8-12 months out from moving but I just descided to look.
The house is priced at 245.9K Which is about 80K under the market value for neighboring houses. I can tell from looking inside that it will need some work (chipped stained concrete flooring).
Do they negoiate on pricing? Like say 220?
I am not sure how we would go about looking to purchase while not having our house yet on the market. I heard its a long process.
If anyone knows anything about this process, it would be helpful!
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Re: Found a Homepath Foreclosure...
We purchased a homepath (but used a regular FHA loan), and it took about 45 days from accepted offer to closing. It was pretty easy, and every similar to a regular purchase.
Ours was in good shape, only a few minor fixes needed. I got it for 3% under asking and an additional 3% towards closing. You'd be asking for 12% under, which is a huge difference if the price already takes into account the work it will need. If it is currently priced $80k under market value, it's highly unlikely they'll accept much lower. It depends on how much work is needed to get it up to market value, though. The nice thing about a bank-owned is that they have no personal connection to the home, so you won't offend them by making a low offer, just to try.
You can also do a Homepath renovation loan, and get a loan for an additional $35k (I believe) to make improvements. I haven't heard much about this personally, so I'm not sure how user-friendly it is.
Also to keep in mind - unless you can sell your current home before purchasing a new home, you'll need to qualify for both mortgages at once.
ETA: http://www.homepath.com/financing/index.html
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