Yes Cabot is very racist years ago the motto of the town was don't let the sun go down on your black ass! They do not recognize Martin Luther king day they call it Robert E Lees birthday and drive down the street with rebel flags everybody in the town hate black people... more
I just had some buyers purchase a short sale in Cabot a month or two ago. We did have some situations come up along the way, but in the end my clients got a great home with some immediate equity.
You can often get the home for less.
Communication is often poor on the bank's side.
The seller/ owner may be no help at all or actually add problems. Several owners in a short sale situation have given up. Not all.
More likely to have leans, taxes, etc... Typically the banks don't want anyone bringing money to closing except you. Meaning, you will have to pick up anything to clear the title. Some don't have issues.
That's all I can think of right now. There are definitely reasons why agents and buyers stay away from them. If you need a house soon, don't do it. If it'll break your heart if it doesn't work out, don't do it. However, if you're not in a hurry and want to do it, it can be beneficial. My buyers were in a rent house and were willing to wait to get the home they wanted for the price they wanted.
Let me know if I can help.... more
Exceptions are made to the $50,000.00 minimum mortgage whenever the property is a bank owned foreclosure. You should contact the listing broker and request them to make contact with the Asset Manager in charge of the property and ask them for details.
While the mortgage loan originators are often not aware of the exception, it does exist and applies to VA, FHA and Fannie Mae loans as well as other Bank Owned Properties (referred to as REO).
A second option would be a Renovation Financing option. With a sale price of only $27,900., it is likely that improvements to the property could be warranted. If that is the case, a 203-K or similar Renovation Financing option could bring the total amount of financing to the minimum $50,000.00 required. Such options are rarely offered but can prove the be an excellent opportunity in many situations.
Most importantly, seek representation from an experience real estate professional who can offer you exclusive representation as a Buyer's Agent. The value provided by a great agent is "priceless", especially when they are able to identify the options and opportunities available to you and others in today's market.
Best of Luck to you. I hope you find this information beneficial.
Certified Real Estate Expert
NRBA Master Broker - Arkansas... more