Most banks do prefer owner occupant versus investors, however, I've seen a lot of cases where the bank took less money for a home because the offer was cash!
For example: Last month, there was a bank owned property listed at $252,000. My buyer (a doctor!) had been approved for financing and we put in offer in at $275,000. Our offer got denied, and an offer was chosen at $252,000! When I found out, I was really mad! The listing agent told me that the house was sold to a cash buyer and that the bank was worried the financing would fall through.
Realtors (usually the listing agent) have the first notification that the property has been listed. I have my clients on an automatic listing notification system, so it emails myself and them the day the property comes on the market. a lot of times with the better priced homes, it is very common for them to go pending within a few days, but it usually takes a few days to get bank approval. It would be very uncommon in my experience for a listing to go active and pending the same day, unless there was some offer submitted to the bank ahead of time or unless they got a full price cash offer the same day.
I would work with a realtor who can provide you this same service and would be available immediately to show you the properties. There are investors with cash that are looking to purchase and do nothing but look at houses every day! Realtors know how important it is to get a full price (or even over listing price sometimes!) offer in immediately while some first time and other home buyers are skiddish in offering over listing price on a home that needs a bunch of work.
If you would like to speak with someone in your area about this, I would contact the local Board of Realtors who you can find by googling your county or city! I think this is the link but not sure http://www.dabor.com/
Hope that helps and happy House Hunting! Don't give up.... more
Depending on the lender, a Conventional loan with 5% down can change the rate you receive. It will also change the PMI insurance compared to a 20 % down Conventional mortgage. Those are the two major differences. Other differences can be closing costs.
If you are working with a lender, ask them these questions. If you are NOT working with a lender yet, let me know and I can suggest a few for you who will answer all of these questions for you.
That depends. Do you want a house to live in or do you want a lot of land? If you mean should you build new or buy resale, that depends on what you want. Right now, real estate is relatively inexpensive. Building costs are rising. In most areas, it is cheaper to buy an already built house than to buy the land and have someone build a house.... more
I don't think there really is anything you can do outside of disputing the appraised value. The bank knows you're not going to make up that $62,000 difference with a down a payment and you can't finance the house for more than what it appraises for so the bank's only option is to reduce the price and they apparently think it's worth more than your appraisal. You can not "make" the bank sell the home for less just because the appraisal came in low.
If you and your agent think the home is worth more you can provide additional comparable sales and dispute the appraised value.
Depending on how the appraisal was ordered, you can try the VA SAR or staff appraisal reviewer.
The only other option I can think of is to change lenders and have another appraisal ordered.... more
Without knowing your overall finances, if you haven't visited with any qualified loan officer(s) yet, do so--see if you qualify for a loan, how much and have your credit score checked, as their scoring is often different--your loan officer, may offer great suggestions on how to improve your credit in the fastest time--then go from there.... more
It means the home is being sold for less than is owed to the bank.
I will give you an example:
Homeowner owes $500K.
It is being sold for $300K because that is what it is worth
It is short $200K (That is why it is a SHORT sale)
The homeowner sells the house for $300K with approval from the bank.
It is not a game this is one of the solutions to avoid foreclosure.
I hope this helps.... more
If your looking for a Land Contract situation you should check with a local agent. I would help but I'm not in your area. I live in Northern Michigan. The local agent can search the local mls for listings that will allow for land contract. We have not seen very many of these opportunities because the mortgage interest is low and if you can qualify with the bank there is no need for a land contract which is typically a higher interest rate.
More people are looking for Land Contracts because they can not get a loan due to financial issues such as a foreclosure. The Seller, selling on a land contract with this situation, a buyer with bad credit, would be considered taking a risk.... more
You should call a local bail bonds company. They are listed in the Yellow Pages under bail bonds. Personally, I have used Goldfarb Bonding Agency in Detroit for performance bonds.
If they are unable to write the bond you need, ask them if they know of someone in the industry that does. There is a fee for the bond. Find out what the requirements are from the city. Is there a time frame for you to meet? Is there certain criteria you need to meet to satisfy the city? I hope this has given you a sense of where to start.... more
Ummarwan, unfortunatley the short answer to your question is....not sure. The bank could take a day or a month or several months to answer after the BPO is complete. Hopefully however, if they have all the other documentation they needed from the sellers and the BPO was the final piece of the puzzle they will be approving or possibly countering your offer soon.
Short sales are not for the weak hearted...hang in there!... more
Call up a bail bondsman. They will charge anywhere from 3 to 5 %. But many are reluctant to put up bond with city of Dearborn, as the city has a reputation of being slow to release the money (in addition to changing codes on you during process).... more
If you have bad credit and it's bank owned -- pretty much your main option may be to try to explore any incentive program sponsored by the county you live in such as MISHDA or something. Banks won't do a land contract.
Maybe you should consider taking the $4000 you have and using that towards repairing your credit to help position you to where you can buy a house in the future.... more
Good Morning Susan,
This home has been taken off the market and I believe it is headed to foreclosure. Asking 163,900. If you are interested in this home I can attempt to halt the process however you must be bank approved and ready to act immeditately. In the event this home doesn't work for you... we can find another that is similar.
You can call me after 10am today.
Keller Williams Realty