That is true, bank owned doesn't like FHA because of the strict FHA guidelines in property condition, plus with the market having a lot of multiple offers, if you have a 3.5% down vs a 20% down, of course asset managers will look at offers that are strong. So, this all depends on your agent, on how agressive are you. Things that you need to know. On Bank owned - it's As-is, no repairs, no credit, no special request on the Bank, so if the property needs a little bit of painting, repairs - FHA is not gonna work.

So, if you can bring in 10% down, go to conventional please do that, with that kind of Financing, you can be more competitive. Consult a good Loan Officer, I also recommend you to go to a direct lender to get your approval, also have one from B of A and Wells Fargo. So that if you put offers on a bank owned that needs a B of A approval, you have one.

Good Luck if you have more questions don't hesitate to email me. I hope I answer your questions.

Antv,

In theory, no. In reality, yes! So the trick is, find a property that works for you, but does not have a ton of other offers, because in a multiple offer situation, you will lose almost every time. My suggestion, if you don't have to move right away, is consider short sales. Some banks are becoming more responsive to short sale offers, so you could close in 60-75 days.

I can help you, and I offer buyer rebates (although not on short sales). Visit my website, http://www.sidewalkhomes.com, and see if what I offer works for you, and contact me if you're interested.

Good luck!

Will Bateson, Broker
Sidewalk Homes
925-455-0845

Not in my experience being a lender. You want to work with a good agent lender combination that writes you a strong FHA offer that is REALISTIC to the market and sold properties. I would be happy to discuss further if you would like. Call me anytime.

Best,

Brian

FHA is a very secure loan especially in this economy. It should not be looked down upon by any lender.
Sue Paskert
Courter Realty, Inc. http://www.suepaskert.com
sue@suepaskert.com