Homepath help needed

[Nicole Thomas]

Hello all,

There is a house that I definitely want to purchase as an Owner occupant. I have a few questions first as I have never dealt with purchasing a homepath property. Its in Maryland btw if that makes a difference.

The property is listed for around 220,000. I want to offer less as it needs a good amount of work done. I want to offer it within the 20 day owner occupant period. Does homepath ever negotiate for less during this period. Do i have an upper hand coming in during the owner occupant period even with offering less? I of course will be occupying the property.

What would almost 100% seal an offer for me with fannie mae. Would they prefer all cash or financing with their renovation loan?

Basically I want the best possible approach to sealing the deal.

I was going to purchase a previous property and the listing agent for that one showed me the property and was willing to submit an offer for me but before I made an offer, another buyer beat me to it.

I still don't have a buyer's agent so I called this new property's listing agent. She told me she would not be able to put an offer in for me as it's unethical? She said to contact a buyer's agent from her firm. She told me this buyer's agent has already shown the property to others that are interested in purchasing this property. This doesn't sound good to me. Am i correct in thinking that I should pick my own buyer's agent? Or would working with the agent the listing agent referred me to that she works with, benefit me in some way?

There are multiple others that have looked at the property according to the listing agent.

I appreciate all answers and advice. Thanks in advance!

[Russell Brazil]

Dual agency is illegal in Maryland, that is why he referred you to another agent.

As far as the price, it is hard to say without knowing the specifics. The condition of the property may already be factored into the price. Consult with the agent you work with, but make haste. During the owner occupant period, it is much more likely to get a financed offer accepted. Once it is open to investors, you may be competing against all cash.