home path deal

[Elizabeth J Humphrey]

Anyone have a decent experience purchasing a HomePath property? We just submitted our 1st offer online during the owner occupant period. Have read many horror stories online about FannieMae either rejecting your offer (even if full price) and then re-listing the property with a price reduction or at the same price. I also have read that many people have not been able to recover their earnest monies if the contract fell through even if it was not the fault of the buyer. The property shows well enough, basic repairs, cosmetics, roof is ok, no signs of mold or leaks, the water is still on ( a plus) but not the electric. There is an illegal gargage conversion with what looks like a roughed in bathroom, I can be sure there were no permits pulled for it by the looks of the poor construction. I am concerned about offering 5K in earnest money as my realtor suggested, if there seems to be such an issue getting it back. I would love to hear from anyone else's experience, particularly if it was in Florida. Thanks in advance 

[John Thedford]

My experience has been they don't ask for the deposit unless they accept the contract. The deposit is typically made within x days of acceptance.