Therefore, these houses are priced very competitively to help unload them quickly. If Fannie Mae owns a home, it’s because it was lost in foreclosure and the enterprise has already incurred expenses on it. Source: (Erik Mclean / Pexels) What’s the benefit of a HomePath home for buyers?įannie Mae is a mortgage guarantor, not a home seller.
If you’re shopping in a strong seller’s market, Fannie Mae could have made some repairs to recoup more money when they sell. “It’s a mitigation of losses when it comes to reselling that property,” he explains, “but if the numbers work based on the number of repairs and what they can sell the house for, they may put on a new roof, replace rotten decking, or mitigate mold.” Spellings says that when Fannie Mae first takes possession, the home is evaluated by the enterprise’s budgeting department. Previous owners, angry at losing their home, could have done significant damage before they moved out. HomePath properties also come in a range of different conditions some that were acquired by forfeiture or deed-in-lieu might be in pretty good shape, while others that were fully foreclosed upon might have some larger issues due to lack of maintenance. Properties in the HomePath program consist of single-family homes, condos, townhomes, manufactured homes, and multifamily properties up to four units.
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To find something in your area, search on the website by address, city, state, or ZIP code. You’ll find HomePath properties all over the country, and at a huge range of price points, because Fannie Mae backs so many loans. What kind of houses are available through HomePath? The mentality is that if the neighbor’s non-REO property sold for $X, Fannie Mae wants to repair their properties and make it as attractive as possible in comparison to that house.”Īs a buyer, a Fannie Mae HomePath house could be your chance to get a great house at or below market value. According to him, once Fannie Mae has foreclosed on a home, “they want to make it as marketable as possible. The homeowner avoids a foreclosure hitting their credit report, and Fannie Mae saves money on legal fees.īoth types of houses can become Fannie Mae HomePath properties, which Fannie Mae wants to sell as soon as possible.Ĭosmo Spellings is an experienced agent in Crestview, Florida, who frequently works with Fannie Mae. The homeowner surrenders the house and walks away.
The second is when Fannie Mae offers the previous homeowners a deed in lieu of foreclosure. As the lienholder, Fannie Mae now owns the home. One is if the house has gone through foreclosure and Fannie Mae owned the mortgage on it. There are two situations in which Fannie Mae ends up owning a house. Source: (Dom J / Pexels) What is a Fannie Mae HomePath property?Ī Fannie Mae HomePath property is a house that’s being sold directly by Fannie Mae to an investor or a traditional buyer. These houses might look like a great deal, and some of them are… but what exactly is a Fannie Mae HomePath property? Let’s answer some basic questions so you can decide whether it’s a fit for you. If you’re looking at alternative sellers, you’ll soon stumble across homes dubbed “Fannie Mae HomePath.” That’s not necessarily a bad thing in fact, it can work in your favor because there’s generally less haggling and negotiation. If you’re looking for a cheaper house or a fixer-upper, you could end up dealing with a bank or government agency instead. You might have heard some funny stories about home sellers from your friends and family, but not all home sales happen on the open market between individuals. “The buyer insisted that we leave the ironing board behind.” “After closing, when we went back to our new home, the sellers had left Grandma behind!”
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