Over my head... Questions need answers.

[William King]

I am motivated and I am all in. I have been doing significant work and I think I found a deal. It is a wholesale from Riverside County. The asking price is $192,5K and I have a comp that is around $434K. For the investor, I can already say that it will be a sqft addition project. My question is... This is a REO and the listing agent is with HomePath and a Fannie Mae property. The thing that confuses me is all the supplemental steps to make an offer. On listing it says that the only way to submit a offer is to be a first time home buyer, complete a HomePath Ready Education Program (which qualifies you for 3% off closing), and fill out a Real Estate Purchase Addendum. Has anyone every experienced buying this way or is this not a deal to go for? I am already prepared to make a ROI and ARV analysis with a contractor and walk the property, make sure the financials make sense, and submit an offer to (1) the seller and (2) presentation to the buyer. Let me know what you think.

[Ned Carey]

I don't know specifically about homepath or Fannie Mae but many times properties are offered to owner occupants first. If they don't sell in a specific time period they are opened to everyone. So keep watching the listing. Unless and until it is offered to non homeowner occupied, you are asking for jail time for breaking the rules.