All that being said, many foreclosures that first go on the market have a period of anywhere from 7 to 30 days whereby only owner occupants can bid. And, many of these are usually financing. So, don't give up. If you have patience and persistence, you will find the right home.
And, there are many other homes on the market - regular sales - that are just as competitive price wise as some of the foreclosure. On the face, foreclosures look like good deals, but these home usually need work. By the time you pay for the house and do the repairs you may find that a regular sale of a home ready to move in at a higher price, may be just as good a deal.
I live and work in Port Charlotte, and would be happy to assist you any way I can.
Linda Atkinson, PA, ABR, GRI
All offers must be written offers, on an As-Is contract only Some banks supply addendums in advance, and if that is the case it will be in the MLS as an attachment and should be signed and dated and submitted along with your offer. In most cases, however, the bank addendums are provided only after buyer and seller come to agreement. At that time, the bank will send their bank addendums/counter offer for buyer's signatures. Please note at this point, the bank has still not signed anything, and most likely will not sign until ALL forms have been signed by the buyer. Your offer is considered a pending contract until it is returned from the bank/seller with their final approval. In the interim, all offers that come in must be presented. When signing and initialing a bank addendum, do not alter it in any way or it will be rejected.
The usual time frame for a response to your offer is 3-5 business days, although sometimes a little sooner and occasionally a bit longer. Allow plenty of time for acceptance, and for closing the deal, 30-45 days in most cases.
If you are requesting seller concessions for buyers closing cots, pre-paids, or repairs, make sure those are requested in the written offer, as adding these things at a later date can be very difficult and most times impossible. If you are writing an offer for an FHA or VA purchase, please make sure the property will meet the standards for this type of financing. The majority of the time, repairs are not permitted prior to closing. Ask the lender if they allow the buyer to escrow their own funds for repairs.
Once you have a fully executed contract, time is of the essence. All inspections must be done in a timely manner according to the contract. Should the buyer not be accepting the conditions, written notice must be obtained prior to end of inspection period along with a signed cancellation and release form. Some banks will make earnest money non-refundable after the end of the inspection period. Read your addendums carefully.
Please note that bank owned properties closings are considered mail-aways, because the title companies that are used to close the transactions are usually located out of our general area. Some will send a mobile notary to the buyers agents office to close the transaction and then all documents are overnighted to the title company, but it is not considered officially closed until all original documents and funds are received.
I am going to assume that you meant to say "re-finance" as in loan modification to avoid foreclosure.
Let me update you:
Here is some information that might start you on your way to understanding whatâ€™s going on with Refinancing, Loan Modifications and in particular, Obamaâ€™s H.A.R.P. Program:
One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!
One explanation was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)
I understand that the primary reason for the breakdown in communication, is a new-fangled problem called â€œOUTLYINGâ€:
What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the â€œAPPLICANT WAS NOT QUALIFIEDâ€ or â€œTHE REQUIREMENTS WERE NOT SATISFIEDâ€. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.
In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; itâ€™s confusing).
There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!
There are two conclusions which can be drawn from this;
1.) Donâ€™t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.
So, the answer to your question; NO, when they do it to everyone, it is not discrimination.
Any other questions contact me, we'll discuss them.