I am interesting to buy multi-family with bank own, what the procedure and is it safe in term of title.

Asked by Charin, Fresno-High, Fresno, CA Mon May 11, 2009

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Ron Thomas, Agent, Fresno, CA
Fri May 20, 2011
Your question is a little confusing to me: Safety is really not an issue with the safeguards in place with Licensed Reators, Escrow Agents, Title Companies and State and Federal regulations. When you say "Bank Own" do you mean that a Bank owns the property, as in a Forclosure, or did you mean to say "Bank Loan"? If it is Bank Owned it will take a little longer, but your Realtor can guide you through the maze. If you meant "Bank Loan", that would simply mean that you are borrowing part of the money. Again, see a qualified Agent. If the Multi is 5 or more units, you will have to get a commercial loan and procedures are different. Good Luck in either case.
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Frank Manduj…, Other Pro, Fresno, CA
Wed Oct 6, 2010
You are talking about a multi-family property--is it four or less? If so, the steps are the same as applying for a loan. Meaning that you need to provide your loan officer with check stubs, bank statements, W-2's etc. In terms of the title, I am not sure what do you mean by safe. If you have any specific questions, you can call me at (559) 977-7238 I am here in Fresno.
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Dr. John McM…, Agent, Clovis, CA
Thu Oct 29, 2009
Not all foreclosures are great deals so make sure you do your homework. You'll want to make sure you research all current and past sales so you don't overpay. A qualified Realtor can do this for you.

I agree with everything else Harold said except that you need a PREAPPROVAL letter (not a prequalified letter) from the bank. There's a big difference between the two. Because of the credit crisis banks require you to go through a full-blown credit approval before they'll even look at your offer, unless you're paying cash. Even then you'll have to show proof of your bank funds.

Here's more information about Clovis foreclosures: http://clovisexperts.com/category/clovis-homes/clovis-forecl…

Best wishes,

Dr. John McMillen | Clovis Real Estate
Web Reference:  http://clovisexperts.com/
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Harold Penner, Agent, Clovis, CA
Mon May 11, 2009
There shouldn't be an issue with title. The bank has transferred the title in their name and will then transfer it into yours.

The first step for preparing to buy a foreclosure is to be prequalified with a lender. Banks will not accept offers from buyers that do not have a prequalification letter. In some cases, the bank will require a letter from a certain lending company even if you already have one from another lender.

Once you have a letter, you find a home you like (a realtor can search available homes for you) and then the realtor places an offer for you. There may be a multiple offer situation where you respond with your highest and best offer and then the bank chooses one. If you would like more information regarding the pros and cons of buying foreclosures in Fresno, California, feel free to visit my website at http://www.homesinfresno.com/buying-foreclosures.asp
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