Nhicks404@gm…, Home Buyer in

How can i get a shot at the upcoming homes on the market before the investors buy them straight from the bank?

Asked by Nhicks404@gmail.com, Tue Apr 30, 2013

every home that i find that says available in the 30058 is under contract even before it's listed.

This question was asked from this property: http://www.trulia.com/property/1094190250-4886-Ruby-Pines-Ct…

Help the community by answering this question:


Contrary to what some people think, banks/mortgage companies do not sell homes directly to individuals. Inventory levels have been very low in 2013 so most homes are not staying on the market very long at all.

The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203(k) Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. You would have to have Buyer’s Agent represent you in the transaction. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

There is a set process that every REO seller has and uses for each and every property that have. Generally, an REO property will not be listed for sale when there are pending title issues. Also, the seller may be planning to make repairs to bring the property up to minimum property standards so that a buyer can obtain a mortgage. Sometimes, the seller will hold the property off of the market when there is a surplus of inventory. Doing so prevents further depression of the housing prices. There could also be an eviction that needs to take place. Very often, the property could already be assigned to a Listing Agent, but just not quite ready to enter into MLS and place the For Sale sign on.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.

0 votes Thank Flag Link Sun Aug 18, 2013
I have one for you. $84,000 Kennesaw 30152.. bscyphrs@aol.com
0 votes Thank Flag Link Tue Apr 30, 2013
thanks but trying to stay close to my mom in dekalb county somewhere.
Flag Thu May 2, 2013
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