Anna, Home Buyer in 11106

Do you need to have a mortgage in place in order to bid on a foreclosure property?

Asked by Anna, 11106 Wed Feb 11, 2009

If a bank approves your offer and you don't have a mortgage, how long do they give you obtain one before they consider another offer. I found out that I am a backup bid to a foreclosure.

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Dallas Texas, Agent, Dallas, TN
Wed Feb 11, 2009
WOW most buyers agent require you to qualified for a loan prior submit a sales offer. Bank wont usually consider an offer unless supported with pre-approval that letter is critical.

Sales offer is governed on amount of time in order to secure a loan could average 3 days up to 30 days.

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Gina Sharma, Agent, Alpharetta, GA
Wed Feb 11, 2009

The banks prefer you get pre approved with their preferred loan officer prior to you submitting an offer.Thats how we do it in GA. The listing agent does not want to submit an offer if the buyer is not pre-approved. The banks do not want to look at offers without the pre-approval letter as they do not want to accept an offer from a buyer who may have a problem obtaining financing. It is always adviseable to submit an offer with a pre-approval letter so you have a better chance of being the winning bid.

Gina Sharma
Keller Williams Realty North Atlanta
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