Home Buying in 30342>Question Details

Cm, Home Seller in Atlanta, GA

what is the best way to buy foreclosure home? direct to banks or to agents? and what kind of loan is best to renovate / buy home? 660 credit. 5% down

Asked by Cm, Atlanta, GA Wed Apr 24, 2013

the price range of home is about 400K looking for a construction / rehab loan of 150K into home.

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8
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
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Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
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Condotel
Non warrantable condos
580's OKAY
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20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes Thank Flag Link Thu Jun 20, 2013
Think about this, banks are doing everything they can to minimize personal contact with actual paying customers, like replacing banking locations with ATMs and even charging for the privilege of speaking to a live teller. Do you really think they are going to dedicate the human resources necessary to receive offers and manage sales transactions in-house? No, they see the foreclosure crisis as a short term (and I happen to agree) problem, that can be outsourced to the professionals who do this every day for a living; real estate agents.

I defer to the lending professional for the second part of you question.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Thu Apr 25, 2013
Almost no banks sell their property directly. They work through listing agents representing their interests. You should work though an agent familiar with REO to represent your interests. Skilled REO buyers agents know the inventory, know the procedure and know the REO brokers. Failing to work with an expert will make the process very difficult.

The REO market is so competitive today and number of REOs in your price range so small limiting your search to this category and not considering estate owned, relocation owned, divorce and other distressed categories will significantly limit the pool of homes you consider.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, CIAS, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Investment Agent Specialist
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
The Linked In REALTOR
http://www.linkedin.com/in/bruceailion
0 votes Thank Flag Link Thu Apr 25, 2013
For a Renovation mortgage, you are really not going to have any options there. Once you reach a $417K loan amount, you are a Jumbo loan instead of a Conforming loan. In addition, on a Renovation mortgage, you are not going to be able to purchase a home using a 1st and 2nd mortgage combinaiton.

Also, you are talking about a Jumbo with only 5% down. The most agressive true Jumbo loan is going to require at least 10% down with a much higher minimum credit score. While there are a few 2nd mortgage options now, you are not going to be able to go to a 95% CLTV with a 660 credit score.

For an FHA mortgage, the maximum loan amount for Metro Atlanta is $346,250. Thsi means that an FHA 203K would not be an option for your scenario.

I would suggest pulling your credit report and taking a look at what is bringing down your credit score. That would at least open up some better opportunities for a purchase even if a Renovation loan would not be an option at that high of a loan amount.
0 votes Thank Flag Link Wed Apr 24, 2013
The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203K Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. You would have to have Buyer’s Agent represent you in the transaction. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

There is a set process that every REO seller has and uses for each and every property that have. Generally, an REO property will not be listed for sale when there are pending title issues. Also, the seller may be planning to make repairs to bring the property up to minimum property standards so that a buyer can obtain a mortgage. Sometimes, the seller will hold the property off of the market when there is a surplus of inventory. Doing so prevents further depression of the housing prices. There could also be an eviction that needs to take place. Very often, the property could already be assigned to a Listing Agent, but just not quite ready to enter into MLS and place the For Sale sign on.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Wed Apr 24, 2013
The best way to buy a foreclosure home is to work with a foreclosure expert. Check out my website http://:www.AtlantaForeclosures.net and give me a call. Since 2006, the majority of my listings have been foreclosure listings because the banks were my biggest clients. Because of that, I know how the process works. Give me a call or shoot me a quick email and let's get started.

Also, if you are looking to renovate but still want to finance, I recommend using a 203K loan. If you have some credit issues, talk to a credit counselor about how to improve your score. I can recommend one to you who will give you a consultation on exactly what to do to make the most improvement to your score. 2013 is your year!

Best wishes and looking forward to working with you,



Craig Levine
Realtor Serving Thousands of Clients Since 1994
Associate Broker in Georgia and Florida
Graduate of the Realtor Institute (GRI)
Certified Luxury Home Marketing Specialist (CLHMS)
Certified Distressed Property Expert (CDPE)
Accredited REO Agent (AREO)
Short Sale and Foreclosure Resource Specialist (SFR)
Real Estate Property Management Specialist (REPM)
Top 1% of Realtors Nationally
Non-Performing Asset Specialist
Member REOMAC (wait list), FiveStar, Equator Gold Certified, RES.net AMP Professional Certified, REOConnection, REO Network


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0 votes Thank Flag Link Wed Apr 24, 2013
Hi CM,

I would say whatever works to get the job done is best. Overall I would recommend working with a buyers agent. It should cost you nothing and you get professional advice working on your side.

If you are doing an FHA loan depending on the scope of reno a 203K loan may be great. There are many other options as well.

If you need any assistance feel free to contact me anytime. I'd be happy to help.

Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes Thank Flag Link Wed Apr 24, 2013
What city are you purchasing in?
0 votes Thank Flag Link Wed Apr 24, 2013
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