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Anyone else have trouble buying a home from HomePath?

I made a cash offer on a house I found for sale that I thought was a bargain. My offer was for the listed price in cash. I didn't need financing because the house was for sale below what I have saved for a down payment. The listing agent waited a week then told me they excepted another offer. I don't think he ever submitted my offer but let an investor buy it for less or bought it himself. Anyone else having trouble buying these homes? HomeSteps is Fannie Mae's REO propertys so if they aren't being sold for what they are worth we are all losing tax payers money and why are people being made homeless due to foreclosure? So investors can buy them cheap and flip them?

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Asked by Monarda at 10:50 AM on Jan. 13, 2010 in Home & Garden

Level 1 (0 Credits)
Answers (1)
  • We were kinda in the same boat, except when we found the house I wanted there was already a contract. The people had to have their closing extended three times and their contract was going to be up in three days. We submitted an offer the day before the contract was up, offered full price and we pay closing (it was bank owned) and our bank was ready to go as far as issuing a check. They turned down our offer and the other people's contract got extended a FOURTH time. The sale finally went through. I don't think the real estate agent (she was the listing agent and representing the seller) submitted our offer to the bank. I was devastated. A few months later I found a house that I love SO MUCH more then that other house. I am SO GLAD we didn't get it.

    Answer by kc932 at 2:57 PM on Jan. 14, 2010

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