Hi, Tony. This is certainly a good place to connect with REALTORSÂ®--and I'll bet there are a lot of us who've worked extensively with bank-owned properties given that two-thirds of homes that are selling in the current market are foreclosures.
It's common for buyers to request the bank to pay some portion of closing costs on a purchase, especially on homes priced under $250,000. Your strength is that you have 5% to put down, which puts you ahead of a lot of first-time buyers but probably also requires you to go with an FHA purchase. You'll probably be allowed to request up to 6% back from the bank--but the challenge is in asking for money back for those closing costs while still remaining competitive in a "hot" segment of the market: homes priced under $250,000.
I noticed you're shopping in 95834. Are you focused on South Natomas? North Natomas? Both? And be sure to talk with your insurance person about your premiums if you buy in Natomas--decertified levees will soon result in mandatory flood insurance coverage on top of your regular hazard insurance premiums.
If you have more specific questions, feel free to contact agents directly. Spend a few minutes reading through Trulia's questions and answers, it'll give you a feel for who's active and knowledgeable--and who you might be comfortable working with. Then get in touch with a couple agents before choosing an agent. While there are a lot of great REALTORSÂ® on Trulia, not all of them will be right for you.
I hope this helps and best of luck!
Rob McQuade, ABR, REALTORÂ®
McMartin Realty | 2031 K St Ste 100 | Sacramento, CA 95811-4253
Tel (916) 444-7577 or Toll Free (866) 720-CITY (2489)
Fax (916) 444-7977
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