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Updated over 12 years ago on . Most recent reply

User Stats

130
Posts
4
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Shane M
  • Real Estate Investor
  • Ann Arbor, MI
4
Votes |
130
Posts

HomePath worthwhile for REO?

Shane M
  • Real Estate Investor
  • Ann Arbor, MI
Posted

The pros seem to be if you are going to owner occupy (which I am), you can lock up a deal before other investors can get to it. The downside is the prices are still somewhat higher than if you found a motivated seller or REO that has been sitting.

Has anyone had success with Homepath or know any strategies with it?

Most Popular Reply

User Stats

19
Posts
10
Votes
Russell Monson
  • Multi-family Investor
  • Lehi, UT
10
Votes |
19
Posts
Russell Monson
  • Multi-family Investor
  • Lehi, UT
Replied

I have purchased two of these in Utah as an investor this year. They tend to sell very quickly during the first look period in my area, so both of the ones I purchased were properties where the OO buyer didn't go through with the deal. When they are re-listed they don't go back into first look, so as an investor I was able to pick them up immediately. Both were priced very near appraised value, however, FNMA had completed a full renovation of both properties. I was able to rent them quickly and both cash flow well.

Bottom line is that in order to buy them as an investor I had to watch for the re-listing of properties I knew I wanted and check the listings every day to make sure I could put in an offer very quickly. The 10% down loans are great and worth the effort for me as I've been able to purchase more property this year than I otherwise could have.

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