First set up financing, how do you know how much you can afford.

How much of a down payment do you have?

If you have 3.5% down that would most likely mean you need an FHA loan product.(there are strict guidelines as to the conditon of the property.)

If you have 10 percent down, you could get conventional financing.( less strict guidelines)

Before shopping you should know what criteria and guidelines you need to follow.

David Chamberlain
Umax Mortgage
727-239-2188
http://www.floridadreamloans.com

Hi Pattcake --

Purchasing a bank owned property is pretty much like purchasing a home from a regular seller. You looka t the comps for the area, make an offer asking for a specific sales price, terms, closing date, repairs, rehab money, etc., attach a pre-approval letter (cash is best, then conventional mortgage, then FHA/VA/USDA), set a date and time for response from the seller, then wait to hear back with an acceptance or counter offer.

I highly recommend you use the services of a Realtor that will represent you and guide you through the process--especially since this service doesn't cost the buyer.

A bank owned property is usually easier to negotate than a pre-foreclosure or short sale because there will only be one lender involved and the lender is usually highly motivated to sell the property. The best deals are often these REO (real estate owned) properties, though a lot of the time there will be extensive renovations/repairs required. All the more reason to have a Realtor run the comps for you and help you to decide what to factor in for replacing the missing systems (a/c, appliances, fixtures, etc).

If I can be of any help to you in locating an appropriate property or in referring you to a lender, etc., please give me a call. There are many good investments out there--just depends on what your goals are.

Happy House Hunting!

Louise Warring, e-PRO, CSP, CNS
Certfied Short Sale Professional
Coldwell Banker Residential Real Estate

PattCake

I answered your previous question and sent you a link to see available properties and helpful information on getting started. Just as others have stated here., start with either cash in your account enough to cover the purchase or get qualfied by your bank or a lender. Again, you can find several right here on this Trulia site that are ready, willing, able, and experienced enough to help you get started.

See your previous question for my full answer and link. Again, would be able to help. Just make the call or email or visit my website. Now is the time.

Regards,
Gay Middleton
Realtor*Moving You in the Right Direction
gaymiddleton@orlandohomeresales.com
407.493.3699

Hi Pattcake,

I just answered a question for you regarding purchasing a rehab loan. I agree with John get prequalified and then start looking.

Sincerely,
JACQUELINE CLARKE
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Cell: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com

Its not too hard.

Step one - go to you lender
Step Two - get a REaltor (if you dont have lender your Realtor can recomend one.

John

I would help you as this is in my area.

John

352-978-4539