Negotiating Homepath home price before program ends Oct. 2

[Anonymous]

Hello myFico forum. 

 

My girlfriend and I have been pre-approved for an FHA loan previously for up to 270k.  However, we are going to look at a Fannie Mae Homepath home that is a much much lower price in a couple days.  I read that the Homepath program is ending Oct. 2nd.  What I'm trying to figure out is how much we will be able to negotiate with Oct. 2nd approaching so fast.  If we make an offer next week, will it take a long while to hear back?  Are we better off just offering about 5% less than they're asking, making an offer they can't refuse?  The asking price on the home has already been lowered about 20% from what it started at and it's been on the market for about 4 months.  Thanks for any help!!

 

Mattio

[ShanetheMortgageMan]

You can always offer low, if they don't like it they'll counter back at a higher price.  A lot of the time the listing agents on HomePath properties will let you know if there are other higher offers on the table, at least that is how it's worked with most of my clients who have made offers on HomePath properties.