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.
Fannie Mae foreclosures?
Has anyone bought a foreclosure through Fannie Mae's homepath? Any advice, tips, or tricks? We're looking into a few but don't know of anyone else who has gone through the process and would love some feedback! Thanks 
Re: Fannie Mae foreclosures?
We bought a HomePath home, but chose an FHA loan. If I remember correctly, the HomePath mortgage is a higher rate, but there are other benefits (no appraisal, and others, which I can't remember).
Just know that you are NOT necessarily locked into the HomePath mortgage, just because you are buying one of their properties. You should consider all mortgage options and pick whichever makes the most sense to you, finacially.
We bought a Fannie Mae forclosure but did a conventional mortgage loan through another bank.
Some highlights:
- Although it was "as is" they fixed the entire HVAC system, damaged shingles, broken window locks and the not up-to-code wiring for the garbage disposal. Lesson learned, no matter what your agent says, it can never hurt to ask!!
- Threatening to "walk away" or having the inspector show that the home is "unliveable" and therefore unable to finance is the only way they will agree to your terms. However, you must be willing to actually walk.
- Timelines aren't much more than a traditional sale (in my experience), however do not expect the bank's REA and/or their asset manager to be responsive when you need them to be.
- My appraisal came in $3K lower than our agreed upon price. They reduced the price or I would walk. Again, it never hurts to ask.
Let me know if you have any other questions.
After 31 cycles and two losses, we've been blessed with a healthy baby girl!
Congrats to both of my amazing TTC Buddies, tdmd09 and sb2006!!
Life of Amberley
We are currently in the process of buying a Fannie Mae foreclosure, but have opted to use an FHA loan rather than Fannie Mae's financing. We found that the interest rate for their loan was quite a bit higher.
So far the process has been pretty easy (knock on wood!). We submitted our offer and was told we would likely get a response in 3 - 5 business days. The bank actually responded earlier than expected (two days after we put in an offer) and has been great about responding quickly to anything we need them to do. Our inspection is coming up, so we'll see how that goes.
We bought one just about a month ago, but also opted to go with the FHA loan. When our mortgage guy did the #'s, FHA vs. HP, they were close, but the interest rate (and our main deciding factor) was lower with FHA.
They do make the homes move in ready..but, if anything is wrong with the house and you've gone the FHA route, you may be forced to pay for repairs at closing. We ran into this with HVAC system..the circuit board needed to repaired and we had absolutely no decision in who made the repair and had to pay the cost @ closing. Their reasoning was, the appraisal came in too close to the asking price.
Overall, it was a pretty seamless process and the closing was moved out a week due to the repair. We've been happy overall!! Good luck.