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Updated almost 9 years ago,

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4
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0
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TJ Joseph
  • Tampa, FL
0
Votes |
4
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Buying my first Homepath property for owner/occupation

TJ Joseph
  • Tampa, FL
Posted

I am new to buying property on Homepath but not new to buying real estate. 

We moved to Tampa a few months ago and have identified a house being offered by Homepath that seems suitable for our needs although it does need to have fair amount of work done such as new carpets, new flooring because the laminate floor is in bad shape, etc.

The list price on the house - which recently came on the market - is a shade lower than what such a house should sell for if it did not need some of the work that I outlined. In other words the comps support the list price if the house was in move in condition. 

We were thinking of making an offer at about 15% below the list price - it is in its "first look" period. Is this the best approach as opposed to offering more and then looking to get some sort of allowance for all of the needed work after a home inspection?

Also, what are some of the other issues that I need to do diligence: would a clear title be something that would be routinely done before the close? What about any arrears on taxes, HOA, etc - would these be paid by the seller or is it something that I have to be concerned about? Are there other issues that I should be aware of that are relevant when it comes to buying a Homepath property?

Finally, although we were thinking of taking a mortgage, we are in a position to pay cash if that would improve our chances of getting our offer accepted. Does a cash offer make a difference?

Sorry for all the basic questions but unfortunately my agent is not informed about the intricacies of buying a Homepath property and this forum seems to have a lot of informed people who have been through the process.

Thanks in advance for any help you can offer.

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