HomePath Property Question – More Negotiating Power with Cash Offer? : RealEstate

Going to go see a condo in a few days that is listed as a Fannie Mae HomePath property.

Located in NY state (not NYC). Needs some work but from what I can tell from listing pictures, it’s likely mostly cosmetic (think hideous wallpaper and dark brown paint WHY DID PEOPLE DO THIS) and need appliances replaced (old washer, dryer, dishwasher, stove, and fridge). One bedroom, one bathroom, 966 sq ft, in a condo community that is in a fairly popular village/town. As of today, it’s been listed for 42 days. I checked comps and they’re asking about $10-$15k more than the other 1br, 1b condos in the same community have sold for in the past year.

I plan on talking to my realtor about this, but I love this subreddit for additional info/insight! So… How much negotiating power do you have with HomePath properties when you offer cash? They’re currently asking $185k and I’d like to offer around $165-170k. Do HomePath properties pay the realtor commission? Do they pay any closing costs?


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