Home Buying in Canton>Question Details

Derek, Home Buyer in Canton, OH

I want to put an offer on a house that is a repo that may qualify for an FHA. I am concerned that the house has sold 5 times in 10 years?

Asked by Derek, Canton, OH Mon Jun 20, 2011

Is this a valid concern or am I overthinking it? There is no disclosure as it is a foreclosure or repo.

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Gregorio Denny’s answer
Actually, you are not over-thinking it at all and it's good to see you are aware of, or at least have a sense of the FHA anti-flipping policy. You will need to specifically be aware of this portion:

"A minimum 12-month chain of title will be required on the prelim to determine no pattern of previous flipping activity exists for the subject."

As long as these transactions have not been occurring within the last 12 months you should be fine; if they have been within 12 months then you have other considerations and should find a good loan officer in Ohio to assist you with this.
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0 votes Thank Flag Link Mon Jun 20, 2011
This happens in this market, so sad a home gets masked this way.. But can be your good luck to buy a home.. all we have to do is make sure you get a clear title and that everything is on the up and up.. I will be happy to walk you thru all the ins and outs.. make sure there is nothing sneaky or crazy going on.. also we can do inspections and the bank will kinda watch your back as well.. together the whole process will go smooth.. Dont be afraid.. be smart walk one foot in front of the other and then dont be afraid to shut the door if need be.. because where there is one foreclosure there are several hundred more.. I sell about 50 of these a year, i really love helping people get the deals... I will be happy to check this out for you.. Good luck and Happy house hunting.. Ann Norton at annsellsohio.com
0 votes Thank Flag Link Mon Jun 20, 2011
Hi Derek,

You are probably over thinking it. I would however strongly encourage you to have a professional home inspection done by a reputable inspector. The home inspection should turn up any issues that should be of concern. One thing that I check is an prior property disclosure statements that may be on the prior sales history of the property.

There are several preliminary steps that you have to take before you get to that point. The first thing you have to do is get a letter of pre-approval or proof of funds from a lender. The asset manager for the home you want to buy will not consider your offer if you don't have this documentation. The next step is making the offer and getting it accepted. If the house is a HUD home you need to make your offer through an approved HUD broker (most agents are, but not all are experienced in filling out all of the required HUD paperwork.)

If you dot all of your i's and cross all of your t's your transaction should go smoothly and you will have a rewarding experience with your purchase.

Give me a call or email me if I can answer any other questions for you. I have sold several of these properties and I am familiar with the paperwork.

Good Luck,

Janet Unkefer, Agent
Cutler Real Estate
330-868-6219
janetsrefiles@aol.com
0 votes Thank Flag Link Mon Jun 20, 2011
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