I want to buy a second home near my daughter in North Port, Fl. I don't want to pay over $130,000. All I want is a letter of approval for

Asked by Anne M. Millington, North Port, FL Sun Nov 20, 2011

$50,000. I need a pre approved loan so I can make an offer to the bank holding the home. I have excellent credit rating. Never faulted on any payments and have always ran my own home. Why is it so hard to get this. I have worked all my life and I must admit I am a great money manager. The home is in the estates in North Port and is a fantastic deal.

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Mon Nov 21, 2011
Have your Realtor introduce you to a local lender, one that works in the area of the home you are buying. It isn’t hard if you qualify for the loan. Good luck,

I create my own problems:
http://www.trulia.com/blog/jimsimms/2011/11/i_cause_my_own_p…

Info on Lease Option or Rent to Own:
http://www.trulia.com/blog/jimsimms/2011/11/rent_option_or_r…
http://www.trulia.com/blog/jimsimms/2011/11/rent_to_own_continued

Criminal Credit Repair:
http://www.trulia.com/blog/jimsimms/2011/10/credit_repair_ca…

Down Payment Assistance in KY:
http://www.trulia.com/blog/jimsimms/2011/03/down_payment_ass…
0 votes
Adele Millan, Agent, Punta Gorda, FL
Mon Nov 21, 2011
Hello Anne,

I have a mortgage financing background so I can help you identify the issue and find a solution. Please contact me ASAP so I can help you can get that fantastic deal. Please see contact info below.

Best regards.

Adele Millan
Real Estate Consultant
Exit King Realty
Cell: 941-815-4075
E-mail: adelemillan@gmail.com
0 votes
Werner Untri…, Agent, Sarasota, FL
Mon Nov 21, 2011
Dear Anne,

I recommend Tony Moore at Gulfside Mortgages, his phone is 941-321-5155. He is a great guy and can get you get you need. In that price range you will get a nice house in North Port. If you have any question regarding real estate in North Port or surrounding area, please contact me at 941-356-6580 or info@2Sarasota.com .

Kind Regards

Werner Untrieser
Broker Associate, CRS, CIPS, GRI, TRC, SFR
Web Reference:  http://WernerUntrieser.com
0 votes
Bob Jakowini…, Agent, Livonia, MI
Mon Nov 21, 2011
If all your conditions are just right you should have no problem getting your letter of approval. If you are working with a real estate person I would think this would be a good situation for them to help point you in a good direction. If not I think it would be a good idea to find someone local to you and build a good working relationship.
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon Nov 21, 2011
You will need to get pre-approval from a lender. Here are some lenders in the area to try.

Morningstar Mortgage
2256 Jasmine Way
North Port, FL 34287
Joseph Morningstar
morningstar.mortgage@verizon.net
941-426-7827
866-990-7827
USDA Loans

Mortgage Supercenter USA
Dona Smith
Licensed Mortgage Broker
18501 Murdock Circle, Suite 501
Port Charlotte, FL 33948
Toll Free: 866-288-7140
Local: 941-625-3987
Cell: 941-302-8098
Fax: 941-625-3192
DSmith@MotgageSupercenterUSA.com

Charlotte State Bank
Connie Ritchhart
Senior VP, Residential Lending
1100 Tamiami Trail
Port Charlotte, FL 33953
Direct: 941-624-1906
Cell: 941-875-5224
Fax: 941-624-2308
http://www.charlottestatebank.com
critchhart@charlottestatebank.com


Here is some information on Buying a REO/Bank Owned Property

Buying a foreclosed property can differ in many ways than other more standard transactions. All offers are contingent on financing and must be accompanied by a pre-approval letter. Some banks require a pre-approval letter from a certain lender, so be sure to read guidelines before submitting an offer. All cash offers require proof of funds with the letterhead of where the funds are being held and the buyers name listed. Actual account numbers can be blackened out, as long as buyers name is easily visible. Write your offer as seller chooses the title company as they have already started preliminary title work on these properties.

All offers must be written offers, on an As-Is contract only Some banks supply addendums in advance, and if that is the case it will be in the MLS as an attachment and should be signed and dated and submitted along with your offer. In most cases, however, the bank addendums are provided only after buyer and seller come to agreement. At that time, the bank will send their bank addendums/counter offer for buyer's signatures. Please note at this point, the bank has still not signed anything, and most likely will not sign until ALL forms have been signed by the buyer. Your offer is considered a pending contract until it is returned from the bank/seller with their final approval. In the interim, all offers that come in must be presented. When signing and initialing a bank addendum, do not alter it in any way or it will be rejected.

The usual time frame for a response to your offer is 3-5 business days, although sometimes a little sooner and occasionally a bit longer. Allow plenty of time for acceptance, and for closing the deal, 30-45 days in most cases.

If you are requesting seller concessions for buyers closing cots, pre-paids, or repairs, make sure those are requested in the written offer, as adding these things at a later date can be very difficult and most times impossible. If you are writing an offer for an FHA or VA purchase, please make sure the property will meet the standards for this type of financing. The majority of the time, repairs are not permitted prior to closing. Ask the lender if they allow the buyer to escrow their own funds for repairs.

Once you have a fully executed contract, time is of the essence. All inspections must be done in a timely manner according to the contract. Should the buyer not be accepting the conditions, written notice must be obtained prior to end of inspection period along with a signed cancellation and release form. Some banks will make earnest money non-refundable after the end of the inspection period. Read your addendums carefully.

Please note that bank owned properties closings are considered mail-aways, because the title companies that are used to close the transactions are usually located out of our general area. Some will send a mobile notary to the buyers agents office to close the transaction and then all documents are overnighted to the title company, but it is not considered officially closed until all original documents and funds are received.

A lot of foreclosures are going into multiple offer situations. Most buyers think that if they have the highest purchase price, they're going to get the property. Often this is not always the case. One of the big things they look at is the timeframe for the inspection. This is a contingency on the contract and the banks want it satisfied ASAP. Instead of the usual inspection period of 15 days, if you can do it in l0 days or less, the better. Another is the timeframe for closing. If paying cash they usually prefer the closing date to be no more than 2 weeks. A conventional loan can be 30 days and FHA 45. Just make sure you are prepared to close in the specified time or you could be charged $100 per day or more for each day beyond the original closing date. Also a larger deposit generally indicates a more serious buyer in their eyes.

Tammy Hayes, Realtor, Green Lion Realty, tammyhayesre@gmail.com, 941-276-6185
0 votes
Brian Finkle, , North Port, FL
Sun Nov 20, 2011
Good evening Anne
I am not sure why you have had difficulty, as I would certainly agree with you that between your good payment history and sizeable down payment, you should have no problem with what you want to do. I specialize in North Port and can tell you that in that price range you will be very pleasamtly surprised at what you will find. I have a number of financing sources at my disposal, so please contact me so that we can get your letter of pre-qualification and start a search to find you just what you seek.
Feel free to call or email me at 941 237-6712 or Brian@coproso.com
Sincerely,
Brian Finkle
Coast Properties
"Property Done Properly"
Web Reference:  http://www.coproso.com
0 votes
Barrie, Home Buyer, North Port, FL
Sun Nov 20, 2011
Even with an excellent credit rating, and a fantastic home in the balance, you will have difficulties getting it done in a flash. We can help you through the process though, and it shouldn't take all that long to be pre-approved. We just need to get your ducks in a row first.

Barrie White, Realtor®/Consultant/SFR/CDPE
RE/MAX Palm Realty Inc.
Barrie@GetItDoneTeam.net
Phone: 941.628.6344
Fax: 941.429.8779
http://MyFloridaHomesMLS.com/BarrieWhite
0 votes
Wayne Goss, Agent, PUNTA GORDA, FL
Sun Nov 20, 2011
Contact me and I will send you a mortgage person name and number who I would recommend. Sounds like you haven't seen the right people. This one is a good one and he can't advise you and explain things to you...then nobody can...Wayne
Wayne Goss
Realtor GRI
Keller WIlliams Realty
EMAIL: findahomeforme@gmail.com
PH: 941-623-5591
0 votes
Jim Sweat, Agent, Venice, FL
Sun Nov 20, 2011
Hi Anne,
Have you been in contact with a mortgage broker already? It sounds like from your question that you are puting more than half down, so it shouldn't be a problem based on the criteria given.
You can contact me with more details either by phone 941-306-7384 or email. I have some lenders available (likely not this late at night though!) that we can talk to Monday.
If this is a bank owned listing getting activity, you have to move quickly. A couple of years ago it seemed like there would be an excess of homes for sale in North Port for years to come, but there is actually very little inventory currently available.

Check out our Facebook page for more information on the market and fun things to do in Southwest Florida.
http://www.facebook.com/skgflorida and then plan a trip down!

I also have a few blogs on my Trulia profile that may be of use to you when considering values on homes. That information is pertinent all across the country.

All the Best,

Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
Realtor
Sandals Realty http://www.ExplainShortSales.com
941-306-7384
Team@JimSweat.com
Web Reference:  http://www.JimSweat.com
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Sun Nov 20, 2011
Have you spoken to a loan officer or mortgage broker? If so, were you denied? Getting approved for a loan is no longer a simple process these days and does require more than just excellent credit, particularly for a second home. if your debt to income ratios are too high or you do not have sufficient reserves (savings) a lender will consider it an extremely risky proposition. After the housing bust lenders have become extremely cautious about giving anyone a penny especially investment and second home loans - the chance of default is considered much higher than a primary home.

Good luck!
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