Improve your credit score with jewelry, they report to all 3 credit bureaus $99 to register everyone gets a $5000 credit limit. Buy something small and make monthly payments on time and watch your credit score increase.... more
The time frame for closing on an REO property is essentially the same as any other re-sale. You should expect to close on a regular mortgage in 30-45 days. A Renovation mortgage would typically require 45-60 days.
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 Buyerâ€™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 www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
Angela, My name is Sally Hudson. I'm a Realtor with Aronov Realty Brokerage in the Montgomery area. If you will send me your email address at my email, email@example.com, I'll be glad to send you a market report on foreclosures in these zip codes!... more
Keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--or some other kind of fees--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.... more