Home Buying in North Port>Question Details

sappolloni, Home Buyer in North Port, FL

Looking for north port agent for foreclosure help.

Asked by sappolloni, North Port, FL Sat Aug 11, 2012

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trust you found a good Realtor to help you. If not, email me or cal and I would be happy to help.
0 votes Thank Flag Link Sat Aug 18, 2012
Thanks for the quick response everyone. I am looking to buy a foreclosure and or short sale, I have heard that foreclosure is the way to go because I dont want to wait months and months. I have been pre-qualified for 105k and looking to be just under that if possible. I am hoping to find someone with experience in the north port area and with foreclosure and short sale experience. Thanks again.
0 votes Thank Flag Link Sat Aug 11, 2012
I assume you mean buying a foreclosure since you posted in Home Buying In North Port. I would be happy to help or answer any questions you may have. Here is some information for you.

Buying a REO/Bank Owned Property

Buying a foreclosed property can differ in many ways than other more standard transactions. All offers are contingent on financing and must be accompanied by a pre-approval letter. Some banks require a pre-approval letter from a certain lender, so be sure to read guidelines before submitting an offer. All cash offers require proof of funds with the letterhead of where the funds are being held and the buyers name listed. Actual account numbers can be blackened out, as long as buyers name is easily visible. Write your offer as seller chooses the title company as they have already started preliminary title work on these properties.

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 paying cash you can sometimes close within 2-3 weeks.

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 is 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 buyer’s agent’s 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.

A lot of foreclosures are going into multiple offer situations. Most buyers think that if they have the highest purchase price, they're going to get the property. Often this is not always the case. One of the big things they look at is the timeframe for the inspection. This is a contingency on the contract and the banks want it satisfied ASAP. Instead of the usual inspection period of 15 days, if you can do it in l0 days or less, the better. Another is the timeframe for closing. If paying cash they usually prefer the closing date to be no more than 2 weeks. A conventional loan can be 30 days and FHA 45. Just make sure you are prepared to close in the specified time or you could be charged $100 per day or more for each day beyond the original closing date. Also a larger deposit generally indicates a more serious buyer in their eyes.

Another point is to not go into another month. For instance, if you can close on the third week of the month it’s usually preferred. They usually don't like to close in the last few days of the month because it might have to be extended into the next month. The banks like to close out their books each month and not have to extend. This is especially true if it is the end of the quarter. Lower offers have been accepted because the closing date was the third week in the month.

Tammy Hayes, Realtor, Green Lion Realty, Port Charlotte, FL
0 votes Thank Flag Link Sat Aug 11, 2012
If you are looking to buy a foreclosure I have some pages on my website that will help you:

http://www.davidbarrhomes.com/foreclosures (search all area foreclosures with no sign up)

http://www.davidbarrhomes.com/buying_a_foreclosure (tips, advice, market conditions)

If you are looking to sell, please visit http://www.davidbarrhomes.com/sellers

Best regards,
David Barr, Broker Associate
Sandals Realty
Twitter: @sarasota_homes
Blog: homesinsarasota.blogspot.com
0 votes Thank Flag Link Sat Aug 11, 2012
Hello Sappollo,

Help as in "my home is in pre foreclosure and I need to decide what my options are", or "I want to purchase a home that is in pre foreclosure or that has been foreclosed" ?

Either way, I would be happy to answer your questions. Please call me, Jeanie Goldmann, at 941-286-4173, or email at goldmann3@comcast.net. I am very experienced in both.
0 votes Thank Flag Link Sat Aug 11, 2012
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