If you are really interested in buying a home then the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Once you have a pre-approval then you can start submitting offers to houses that you would like to buy. I would recommend that you speak with a lender as soon as you can. The lender can then check out your finances to see if there is anything you would need to fix. So when the time comes to buy, you should be completely ready. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
NMLS # 659743
Hello Gilbert, Do you need listings that are available emailed to you? You will need to be pre-approved and have a pre-approval letter to be able to look at and submit offers on homes of your choice. Do you have down payment and closing costs? You may qualify to buy with a minimum 580 fico score and only half percent down payment program which can contrbute towards your closing costs as well. There are 3bd homes from 54k and up and newer 3-4 bedrooms under 175k.
It only takes a few dozen questions to qualify you in minutes for the program to benefit you the best financially. Minimum 620 fico score may qualify for conventional 5% down NO Mortgage insurance (Lender paid MI). A minimum 700 fico score may qualify for 3% down conventional.
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. Here are some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
Hello Udo, Yes you can buy with only half percent down payment with CHF Access which can also contribute towards your closing costs as well with a minimum 580 fico score. I only need to ask a few dozen questions to qualify you in minutes. There is also closing costs which if you ask for the seller to pay, will put your offer on the bottom of consideration. If you use a low down payment program which contributes half of your closing costs you can buy with minimum out of pocket expenses.
Here is what is available in Coachella 92236 up to 300k.
Click the following URL to see the Listings:
They start at about 55k which is only $300 down and $402PITI and there is a nice standard sale at 116k which is only $600 down and $849PITI and up... Let me know which ones interest you and I will check their availability and go over your opions of financing. It depends on your fico scores to what loan programs you may qualify for and how much you want to invest into the purchase?
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval.
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
Foreclosure cleaning business? Do you want to start one? Banks generally don't do much more than that to sell a home for less than they loaned. There are companies hired by the banks that go into foreclosed homes and clean them out from furniture and debris. Also yard work, haul debris, and build wooden pool covers for safety?
Are you in the market to buy? You may qualify with a minimum 580 fico score for only half percent down payment program. Here is info.
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Hi Olivia, I am so sorry to hear about your loss (I do understand that tie). There really isn't anything you can do when another offer has been accepted. Here is what I would suggest though. Call the Listing Agent and ask if you can put a Back Up Offer in. So many times people back out of buying the homes, for a variety of reasons, so there may be a chance there. Also, I would ask what it would take to be the first place Back Up position on the home. Then I would call the Listing Agent every 3-4 days to check out the progress. Depending on the Listing Agents work load they may not remember your offer if there are multiple offers on the home so that's why you want to stay in front of them. I know you already have an agent so writing the offer through the Listing Agent isn't really an option but since this home means so much to you I would suggest being pro-active on your end. Good Luck and I really hope you are the one who ends up with this home.
Grace Rosenberger... more
Typically a bank owned property will entail additional documents on top of any contract docs you will initially present with your Realtor (if you are working with one) These documents are geared to give the bank owner (through their asset managers) pretty much tull control in the closing process that often includes the right to withdraw or cancel the agreement for most any reason....including a better offer up to the day of transfer. While many times the bank/asset manager may take days to process documents, if you do want the property you and your Realtor need to act with diligence in processing things on your end and meeting all deadlines and contingencies.
Most banks/asset managers will work to process the sale as quickly as possible once they are in a contract situation that is working to close, but you said the bank cancelled escrow which makes me question at what point the bank cancelled the deal. You say they took another offer, obviously it was a higher offer that will net them more money at closing....again the addendum/bank docs probably had that clause in the paperwork that permits them to do just that....one of the pitfalls of purchasing a bank owned property.
Often buyers never know the reason a contract is cancelled as issues do come up on foreclosure properties...it could be as simple as finding out they did not have clear title to transfer. There is a lot of murky water out there. Asset managers have desks piled high with files of properties they are working on and when the file if opened, action is taken, then processed to the next pile.
As far as what you can do, at this point it sounds like if you have further interest in this property, keep your eye on it...your Realtor should be able to do a little further investigation to confirm the escrow was cancelled for a higher/better offer to be able to advise if it may be available at a later time.
Bank owned properties are desirable because of the value of the price.....it doesn't mean it is a simple process to successfully purchase one.... more