I would consider meeting with a Loan Officer and seeing what your financing options are. I'm always available to help if you need a REO financing expert. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
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Woodbury, NY 11797
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(516) 740-4478 Office
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How To Buy An REO â€“ Top 17 Questions Answered
Your offer would be considered though. I have helped several clients buy foreclosed properties and they took out mortgages.
San Jose real estate information at http://julianalee.com/san-jose.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
All thing being equal--price, terms, and closing--banks will still choose cash offers to those that require loans. However, if you are the high bidder with no contingencies, a high down payment and a quick close, there are banks--especially Wells Fargo, that will select a buyer with a loan versus a cash offer buyer. Keep in mind, however, that the buyers who did get the home paid much more than the next competing offer. The magical number seems to be $10-15k more than the next offer.
Best of all work with an experiences Realtor who can give you inside information about all of the banks. Each one is different and there are different strategis to be used for each.
Allison James Estates and Homes
Lance King/Owner-Managing Broker
King Realty Group
Your Realtor will do a CMA to determine the Market Value.
Normally, the Appraisal will not allow you to pay more than Market Value; it is really protecting you from hurting yourself.
There are some loans that will allow more than the Appraisal; talk to your lender.
If you are in the "affordable" price category, be prepared to try several times, at least; and this doesn't vary with just Cash Offers.
Talk to your Realtor.