Home Buying in 06405>Question Details

Leay, Home Buyer in Rochester, NY

Hello everyone I would like to purchase a multi family property in Meriden area for investment. looking for REO. any information will help, Thanks?

Asked by Leay, Rochester, NY Mon Sep 20, 2010

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With investment properties there are certain conditions that must be met when obtaining a mortgage. If you would like to be pre-approved it would take me a few minutes to see where you stand to weight-out all of your available options. Please contact me at your earliest convenience so that we can best determine which loan program best suits your needs.

Paul Marzolla
(201) 203-2266
(551) 486-0243
0 votes Thank Flag Link Mon May 7, 2012
Hello Leay, Rochester, NY ...

Most Bank Owned (REO means Real Estate Owned) Multi Family properties have procedures to follow which can be located via the Listing Real Estate Agent's Web-site. Some Banks' rules require the Buyer to be pre-approved and qualified through that Bank's Mortgage Division. Every Buyer Should be Pre-Approved for their Financing. If the Buyer is a Cash Buyer, The Seller will expect an Authorization of Funds on Deposit to show they are indeed a Ready, Willing and Able Buyer.

Some Banks accept offers from Owner-Occupied Buyers within the first 7 to 10 Days after the Property is Listed on the Multipe Listing Service. After that time frame, Investors will have a chance to make their Highest and Best Offers. Frequently, REOs participate in Multiple Offers which is why utilizing the advise of a Licensed Realtor is so important ... they can help you wih a Comparative Market Analysis of the Property you are researching.

Lorraine Chmura
Licensed Realtor
Prudential CT Realty
(203) 915-5676
0 votes Thank Flag Link Sun May 6, 2012
If you are seeking to find an investment property in Meriden, keep in mind there are 3 areas of Meriden you want to consider if you plan on investing to make a rental income. First the city of Meriden (which is by the mall and midstate hospital) as a mass majority of properties owned by investers that are multi-famiies, but the rents are a bit lower in rental estimates. South Meriden (which is nearing the Cheshire line) is considered suburban and rentals are a bit higher where investers will looks at short sale properties/foreclosures and many times fix them up to gain a rental income that is income generated. East Meriden is als a good choice as well - mostly condos where in investers look, however there are multi-families there where you may want to consider - don't be surprised if many of these properties are currently rented, meaning if in a lease, when purchasing as an invester, you will need to consider that leases are transferable until the expiration of the lease as well.
0 votes Thank Flag Link Fri Oct 1, 2010
You would do best to have a Realtor send you listings. If you're not working with anybody yet, I'm licensed in CT and could help you. I may be contacted at elizabeth@elizabethherbert.com should you want to have me email you listings.
0 votes Thank Flag Link Wed Sep 22, 2010
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