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Homepath Home Buying Review from Carol Stream, Illinois
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.
Carol Stream, Illinois
Reason of review
Order processing issue
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