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Renee Badall
- 7 Helpful Answers
- 50 Answers
- 19 Blog posts
Locations:
Web sites:
Profile Link:
Experience:
Realtor for Prudential Snyder & Company Realtors
November 2005—present
Realtor
Realtor
Specialties:
First-time buyers, relocating buyers and sellers, short sales, foreclosures
Certifications
& Awards:
& Awards:
GRI, ABR, eCertified, Relocation Specialist
Interests:
Gardening, cooking, labrador retrievers, puppies, running, walking, gymnastics,
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About:
Buying or selling a home may be the single biggest financial decision you will ever make. Being an informed consumer is critical to your success. My philosophy
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Testimonials:
"Due to your perseverance and Great Spirit, we finally managed to locate what we have found to be the perfect house for us."
Don & Avalina Buikema Sun ... show more
Don & Avalina Buikema Sun ... show more
Renee Badall answered:
Hi Netman,
The bank that owns the particular foreclosure home that you are interested in is asking for assurance that the buyer from whom they accept an offer is actually going to be able to go through with the purchase. You are probably more familiar with the "pre-qualification" letter. This is very easy to come by and simply states that if everything you have disclosed to your lender is true, then you will be qualified to purchase the home. You then proceed through a more lengthy process-- after the offer is accepted -- (3-4 weeks) in which all of your documentation is submitted (in a physical format) to your lender at the end of which you get a "clear to close" (final lending approval) from your lender.
Since the banks now own more homes than they know what to do with, since it costs them money/time to hold these properties, and since they, too, have stockholders to answer to, they are evolving towards a business model that will allow them to proceed with greater confidence towards their desired end result – a closing!
The length of time that this type of "commitment" takes is a proper question for a lender to answer (since lending requirements, too are evolving). I am happy to provide you with a few references if you would like. Please contact me via my Trulia profile if you are interested.
Please keep in mind that whether you go after this particular bank-owned home or not, it is prudent to properly qualified yourself now so that you will be prepared to move on a property when the time is right!
The bank that owns the particular foreclosure home that you are interested in is asking for assurance that the buyer from whom they accept an offer is actually going to be able to go through with the purchase. You are probably more familiar with the "pre-qualification" letter. This is very easy to come by and simply states that if everything you have disclosed to your lender is true, then you will be qualified to purchase the home. You then proceed through a more lengthy process-- after the offer is accepted -- (3-4 weeks) in which all of your documentation is submitted (in a physical format) to your lender at the end of which you get a "clear to close" (final lending approval) from your lender.
Since the banks now own more homes than they know what to do with, since it costs them money/time to hold these properties, and since they, too, have stockholders to answer to, they are evolving towards a business model that will allow them to proceed with greater confidence towards their desired end result – a closing!
The length of time that this type of "commitment" takes is a proper question for a lender to answer (since lending requirements, too are evolving). I am happy to provide you with a few references if you would like. Please contact me via my Trulia profile if you are interested.
Please keep in mind that whether you go after this particular bank-owned home or not, it is prudent to properly qualified yourself now so that you will be prepared to move on a property when the time is right!
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