Homepath Property

[Nick Noon]

Hello fellow BP'ers,

I was wondering if anyone has had any experience with buying with homepath.  I looked at a property yesterday that I am going to make an offer on today.  This is my first time ever making an offer on a property, let alone on a fannie mae property.  Here are some of the details...I'll keep them vague to protect myself a little bit:

I viewed the house yesterday and it's everything I wanted in a property, and just enough filth that I was looking for. The property has been on the market for 7 days and there was already 4 people signed in on the sheet before we walked in. There has also been a lot of views on the other MLS websites. With this kind of activity, I am looking at going $1,000 above list to make sure they know I am giving them a serious offer.

My questions are as follows:

1.  Should I go in at above list for this property?  I would honestly be happy if I get the property for the offer I am going to make and it's an amazing deal at that price, but obviously no one likes leaving money on the table. 

2.  Should I write a letter to the bank mentioning some of the things such as, "This house would be perfect for my 7 week old son", "I can see us having his first birthday in this house"...and other things along those lines to make it more personal and give me an edge.

3.  After my offer is accepted.  Can I go back after the inspection and ask for some money back citing different defects in the house?

4.  If I were to make a lower offer, would I get a chance to raise it if they did not accept?  The "First Look" ends in 12 days so I don't want to delay this process any longer.

I am very nervous about my offer and I want to make an impact and get it accepted without giving other bidders a chance.

Any insight would be greatly appreciated.

[Russell Brazil]

1.) Your agent should be able to advise you on what price to offer to get the house. Whether you need to go in above or under asking will depend on the market.

2.) Absolutely not.  When I am the listing agent on a property, I throw these letters in the garbage.  They often contain information that if considered would violate Fair Housing laws. Just in your idea you mention your 7 week old son. Considering familiar status in a real estate transaction is illegal.

3.) If they were defects you did not know about. If they were defects you can see with your own eyes, then I would say no because your offer was made with that knowledge already in hand. 

4.) You would only have the chance to raise it if they do not accept any other offers.  If they get multiple offers, then the property is priced correctly and Fannie Mae will accept the highest offer.