Best of luck.
Michael Saunders & Company
However, if you are getting a conventional loan you should be able to move forward as long as the appraisal goes well. But either way 9 times out of 10 the bank won't repair any damages in the home.
If you want to start looking at Foreclosed homes in the Springfield area please let me know and I can help you out.
First and foremost, hire a Realtor in your area. They will be able to assist you in all phases of the transaction and the seller pays their commission as stated in the MLS.
Most foreclosures/REOs are sold 'As Is' meaning the bank will not do ANY repairs. Make sure you do inspections (which you will have to pay for) once your offer is accepted but before the inspection contingencies are over (your Realtor will help you with this). Inspections are extremely important (especially with REOs) so you know before you close escrow if there are problems with the house.
HUD homes are the best bang for your buck right now. Many are offering a special program for owner occupied properties...$100 down program.
1. Find an experienced agent
2. Sit down with a lender and figure out what loan you qualify for.
3. Ask your lender what the condition of the properties has to be in for the loan you qualify for.
4. Once you have your lender pre approval letter get a hold of your agent to start touring properties.
5. Make sure you do the research on the community and the property. Ask your agent to help as well.
After you find a bank owned property make sure that you fully understand the process and what the bank may need once the offer is accepted. Ask your agent to find out what the earnest money amount will be, a copy of the bank addendums, will the bank make repairs if the appraisal has loan conditions, do you need to turn on utilities in your name?, how long is the bank giving you to complete your inspection, what happens if your home inspection shows major structural issues, etc. Those are just a few questions to find out. You won't have to worry about a thing if you work with an experienced agent. Ask your agent for testimonials and a resume!! Also keep in mind if you are only approved for an FHA loan the property has to be in good condition.
In my personal opinion, looking back on all the properties our firm, PahRoo Appraisal & Consultancy, has appraised in the past decade, as well as those properties which I've purchased (short sales, foreclosures, bank-owned, non-distressed sales, etc), I would highly suggest you do not purchase a foreclosure unless you are working with a talented and experienced Realtor with foreclosure experience. There are too many prospective problems you'll deal with, the biggest one being the as-is nature of the sale. At least with a short sale, you can see the house, see who is living there, see how the house looks with furniture in it and it doesn't necessarily have to be an as-is sale.
Granted, there is nothing wrong with foreclosure sales, but many times, you can get a short sale house for nearly the price of a foreclosure house and reduce your potential risks as a buyer.
you are on the right path!
PahRoo Appraisal & Consultancy
Curvey Real Estate
611 Springfield Rd
Taylorville, Il 62568
email@example.com 217-820-2332 and yes I go to Sangamon County so yes I will help you.. Good Luck
1. Your bank approval attached to the contract showing you are approved to buy a foreclosed home or short sale make sure the bank or mortgage company has dated the letter within 30 days.
2. Don't loose your home if you really want it over 25.00 a month meaning a couple thousand more is only a few dollars more a month in payments.
3. Even though it is as is- take a inspector or contractor, electrician to see the home get an idea of what is will cost to repair and update. rather be safe than sorry....
4. Banks won't dicker around most of the time on a multi offer so.... Bit the bullet and go in with your best offer first.
AND ASK YOUR AGENT IF YOU INTEND TO FLIP what the guidelines are for flipping and 6 month or 1 year chain of title... meaning if you flip it you the buyers when you sell may have to have 2 appraisals done or maybe more. ask no such thing as a dumb question in real estate. Good Luck
in Taylorville, Il
all info on file if needed name agent and office info license number.