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45356 : Real Estate Advice

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  • Home Buying2
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Activity 3
Wed Aug 6, 2014
mdebbie700 asked:
Fri May 3, 2013
Cindy Buroker answered:
It all depends on the condition of the property. Even if it is a total rehab then you can always look at the option of a FHA 203K, either Streamline or Full, depending on the amount of the repairs. Some banks are more flexible on terms then others but that is something that can be discussed upfront before viewing a property. Thank you for your inquiry. ... more
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Tue Jul 10, 2007
Darin J. Dugenske answered:
Cash offers are always the best way to handle bank owned properties. The biggest issue with bank owned property is the delay between offer and return and acceptance. In many cases they are taking 30-45 days to respond to offers which is beyond acceptable timeframes. That being said banks are being more open to offers as long as they are strong offers. In order to be a strong buyer the offers need to be clean. Clean means that you are strong buyer with good credit and the offer you write does not have all sorts of contingencies. Using the existing bank to carry the new loan is also helpful. You can also look at short sales opportunities which has a better response time and in many cases can get good deals. We are always there to assist in helping people achieve their goals. ... more
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