Home Buying in Culver City>Question Details

Smonmc, Home Buyer in Los Angeles, CA

how hard is it to buy foreclosed property?

Asked by Smonmc, Los Angeles, CA Fri Sep 14, 2012

Help the community by answering this question:


Sheryl Arndt’s answer
It is easiest if you have cash? Do you have a down payment and closing cost saved? If not, I offer the CHF Access half percent down payment program with a minimum 580 fico score to qualify. This can also contribute towards your closing costs as well making stronger offers. If you have a larger down payment and your own closing costs, you will most likely be considered just behind cash buyers. The line of accepted offers is usually cash first, then high down payments or deposits and then regualar financing but not always. You should also be open to homes that need repairs as you can have them done with 203k loan that repairs the home before you move in. You can use this 203k streamline loan with homes only needing carpet and paint at 5k minimum and up to 35k.

I only need to ask a few dozen questions to qualify you and go over loan program options that you may consider in your home purchase. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can provide a good faith estimate upon request. You would only need $2,000 down on a $400k purchase... Here is some information on the CHF Access program and a needs list of docments to gather to get approval to submit offers on homes of your choice.

CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
CHF Access income limits http://tinyurl.com/8lzf8he


Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Fri Oct 26, 2012
It's not necessarily hard. You have to be in a position to win a multiple bid scenario. Most foreclosures get more than one offer. The banks generally select the bidder not only with the highest price, but the strongest offer...with either cash or a substantial down payment.

Know that banks will always tilt the contract in their favor and that the sale will be as-s. If you can work within the bank's parameters, you will likely get a good deal.

Good luck.
0 votes Thank Flag Link Sat Sep 15, 2012
Like any seller, the bank is interested in getting the best buyer: strong financials, strong contract (someone who asks for as little as possible, because generally the bank is not going to make any repairs, or give back anything, and if a cash buyer comes by then they are generally favored, depending on the terms of their contract and the price. However, generally the homes you see on the market that have already been foreclosed on, are no better buys than standard sale homes.
0 votes Thank Flag Link Fri Sep 14, 2012
REO's which are how most buy foreclosed property are getting more and more rare. Most distressed sales are going the short sale route now. So it can be hard to by foreclosed property with a lot of cash buyers your competing with.
0 votes Thank Flag Link Fri Sep 14, 2012
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