Anonymous
map-marker Vineland, New Jersey

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Jerusalem Rhq
map-marker Carol Stream, Illinois

Homepath Home Buying Review from Carol Stream, Illinois

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I put in a bid for a Homepath property with a listing agent 2 wks ago. The FM bank requested a counteroffer.

I offered slightly more, but within the local estimates of similar properties that recently sold that were in much better condition. They rejected the offer. Suddenly, the property had another bid that came in just a few thousand more than what I offered, as the listing agent notified me, told me the amount. He told me that he wasn't supposed to tell me this, but "wanted to help me out." Yea, sure.

This property had been posted for 6 mo, no offers, but suddenly someone was interested the day after I put in an offer? Seems a bit contrived. One issue I have, is that for the 1st 20 days, homepath properties are supposed to only be available to owner-occupied buyers. However, it is a ploy to appear trustworthy and caring, when in fact it's another government scam.

The prices posted for these properties are overinflated the 1st 20 days that owner occupiers would have to be out of their minds to pay. Then the prices drop little by little, after the 20 days, when they hope to capitalize on purchases by house flipping investors. They choose home flippers who won't necessarily go through home inspections or ask for proper paperwork. Flippers will rip everything out, then sell at double what they purchased the property for.

It's completely unethical, making it extremely difficult for an owner-occupier to get a good deal, fix a home on their own, or to get good rates on a home in the area. They overinflate home values, and make it almost impossible for people like me, to get a modest home for a reasonible price.

It's an unethical business that someone needs to do something about, or another housing debacle will be in the works again. After reading other reviews, I know it is a common problem, a complete scam.

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3 comments
Guest

I completely agree!! I’ve been searching for a “modest home to do my own updates but the “flippers” are coming in and taking them right out from under us and selling them for more!!!

It’s absolutely absurd!!!!

I just want to purchase more first home without setting myself up for a foreclosure but it’s like that’s what they want!!! They are completely taking advantage!!!!

Guest

Omg! I'm going through this right now!

I saw a foreclosed property that the bank has owned for over a year and has been on zillow for 73 days with NO interest AND they are asking full market rate for the property. I offered a fair price well below asking and Lo and behold... Multiple offers at our above asking price! So I inched my offer up a little (no where near asking).

I was thinking this was a scam, so I started to research and found your comment.

The housing market is ridiculous right now, any time I get to even look at a property, it has multiple offers at our over asking - even trailer homes! This is insanity.

Guest

homepath is a frigin joke I have a conventional loan ready to buy but have to jump through hoops to put an offer in get rid of homepath its a joke and a scam

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Real Estate Expert Talks

"I'm a Huge Proponent of Building a Home" Ty Wilde About Real Estate Industry

Sep 15, 2020

A real estate industry expert, Ty Wilde, shares his insights on whether to buy or build a house, what to consider when dealing with real estate agents, home inspections, and what to think of when investing your money.

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Ty Wilde
Ty Wilde

Ty Wilde is the Utah Realtor and New Home Construction Specialist with over 15 years of experience. He helps people to go through the process of buying or selling a home.

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