Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.
Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?
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REO homes are sold to the highest and best bid. Highest is self explanatory. Best refers not only to cash, but to closing terms: how quickly can you close; are you willing to forego inspection or waive the inspection clause in order to move to the finish line.
And if you have the cash, be aware that REO homes in Fort Lauderdale, or anywhere else for that matter, typically have expenses built into them. If the air conditioning has been off during the months that the property was unoccupied there will be mold issues. There may have been vandalism by the previous occupants or by others who have visited the property while it stood empty. There may be roof issues.
An inspection will let you know the problems. Just be aware that the bank is not obligated to repair anything you find.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
Your agent should ensure that you have an inspection time frame and an opt out clause contingent on the findings of that inspection.
You can be cautious but make sure you have right to inspect and cancel. Most of your precautions are based on what you would more than likely find out from the inspection.
Hope that helped.
A good Realtor will be able to answer all those questions for you and many more you will think of in the process. REO sales are pretty straight forward, no big surprises, you get what you pay for. Just make sure to pay for a good home inspection above all else. Of course that will be once your offer gets accepted which is the real tricky part. If you are a serious buyer don't hesitate in offering above the asking price when you find the perfect home (or you will lose it to another buyer). After the offer gets accepted then you have time to think about it, do inspection and cancel if need be. But if you do all the worrying and paranoia before submitting the offer.... you will see many good homes go to someone else. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
If you're not already you should be working with a Buyer's to help navigate through the process. Hesitating to make an offer on an REO property you are genuinely interested will likely end up with you not getting the property as in most cases they are multiple bid scenarios, meaning there may already be others offers on the property by the time you decide to move forward with an offer. As for precautions, you still have the ability to conduct an inspection as you would with a traditional sale so there is not any need I worry in that regard. Let me know if you have any additional questions or want me to see if the property is indeed still a available and not under contract.
Ryan Hanrahan, PA
Christopher White Group