question about "coming soon" Homepath listings

[Matthew L.]

I've been looking into buying a Homepath property and I've noticed that a few I've been watching that were "coming soon" end up disappearing from the Homepath website before actually being listed. Are the properties actually owned by Fannie Mae while the status is "coming soon" or are they in the process of foreclosing? Are there ways to make a deal on the coming soon properties before they're actually listed? There's one right now I'm very interested in and if there's a way to make a deal before it's listed I'd love to know.

[Michael Sessa]

Hello, I am a Fannie Mae Broker on Long Island. The bank lists them as coming soon when they are a few weeks away from actually listing them. Normally during this period they are coming up with a list price. At this time they have already owned the property for quite some time. Unfortunately , you definitely can't make a deal with them before it's listed. It doesn't work that way. There are 100 people like you licking their lips as well; the bank wants the most they can possibly get and will allow it to be seen by everyone which is why they created homepath.

Also, every homepath property has a "21 day first look period" where the bank will not entertain offers from investors. The property is only opened up to an investor if it doesn't first sell to an end user within the first 21 days. Any investor offers will be immediately rejected until day 22.

Keep your eye on it. Also, if it disappears after "coming soon" that means the bank has to back track and take some additional steps before marketing it. They could be clearing title, doing repairs, etc. But they definitely didn't sell it.