Home Buying in North Andover>Question Details

Mike, Real Estate Pro in 01845

if i purchase a forclosure from bank.can my lender close in 30 days.im ready now

Asked by Mike, 01845 Sun Jul 31, 2011

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To be safe you should figure 45 days.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Jul 31, 2011
A purchase loan can definately be closed within 30 days. Make sure to have all your paperwork up front and dont delay any requests for additional paperwork. The last time I had a borrower purchase a foreclosed property, it turned out the aution never happend. the lender listed the property pre-maturely. not fun.
0 votes Thank Flag Link Wed Aug 3, 2011
Hi again Mike,
There are many mortgage brokers who are very experienced in bank owned purchases.
A good place to start is with your bank or credit union if they can't help your agent should ideas for you on local lenders that understand the tight timeline you are going to be working with if your offer is accepted.
Hope this helps
Web Reference: http://www.route495.com
0 votes Thank Flag Link Sun Jul 31, 2011
Depends on your lender. 30-45 days is the norm. Having said that It's not uncommon for me to pick aup a loan or two a month because a lender/loan officer cannot commit to closing quickly. Ask yor lender if they are in the least bit hesitant find one that's not.
0 votes Thank Flag Link Sun Jul 31, 2011
Great question. Most likely you can. As the others stated, you need to make sure things are getting done. Might I suggest working with a LOCAL mortgage broker. Don't call 1800mortgage and expect this to get done. You need to be able to walk into an office and meet face to face in order to make sure everything is going through.
Also, foreclosures are much different than short sales. I'm guessing you've heard about short sales. A short sale can take months to close, mainly because the bank needs to approve taking a loss on the home, where a foreclosure is already owned by the bank and they know roughly what they want to sell the home for. Once they agree to a price, they will close quick.
If you need help submitting an offer, please call or email me. I live in North Andover
Web Reference: http://www.mikeconsoli.com
0 votes Thank Flag Link Sun Jul 31, 2011
Hi Mike

They should be able to but it depends on your lender. Have you chosen one yet? I work as a mortgage banker and my company underwrites and processes all files. Once approved we draw our own docs and lend our own money for the closing which gives us total control of the transaction.

I would be happy to speak with you if you need assistance. Feel free to call or email me anytime.

Steve Boucher
0 votes Thank Flag Link Sun Jul 31, 2011
Your lender should be able to close in 30 days, providing you have all your ducks in order, the appraisal can get done, and there is a clear title to the property.

Were you pre-approved by your lender? Not pre-qualified. Pre-approved means they have all your paper work, have verified your income, your down payment, and your credit. If so then all that would be needed is the appraisal.
0 votes Thank Flag Link Sun Jul 31, 2011
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