We are attempting to purchase a home that is REO owned. It has been a total nightmare. We have had counless form to provide them. We are confused.

Asked by Dking, 49684 Thu Feb 9, 2012

We purchasing through the MSHDA program and had to put down $1000.00. We were told to pay $800.00 first then $200.00. The bank never deposited the $200.00, so we had cancel the check and provide them with cashier's check. Now we have to provide them with all kinds of documents to prove this money was not borrowed. The process of buying a home is very discouraging and stressful. We are at the point of backing out of the deal

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Thu Feb 9, 2012
Not exactly sure I understand your question, are you buying a home from MSHDA or are you trying to use funds from them to buy an REO owned by another lender? As for proving that the money used was not borrowed, that should be easy to prove IF it wasn’t borrowed. Just show them your bank statements for the previous two or three months. If the money fell out of the sky and you are trying to hide the source, that is a different matter and you should have problems. Good luck,
0 votes
Stephen Conn…, Agent, Birmingham, MI
Thu Feb 9, 2012
Talk with your Buyers Agent. They should explain it to you and keep you updated regularly. Most of this paperwork is common place now. If you want the home, you have to go through the process and eventually you will be a home owner.
0 votes
jacob temple…, Agent, Traverse City, MI
Thu Feb 9, 2012
You will need lots of patients and do what ever they ask. In the end you should end up with a very good deal. Most likely the house is worth more than you are paying in our area. Good Luck and hang in there.
0 votes
Marie Souza…, Agent, Centerville, MA
Thu Feb 9, 2012
Yes, it is very stressful to buy a home. This check issue does happen frequently & although inconvenient, almost ALL lenders want you to show where funds came from. This is just one of MANY more steps to come. Hang in there.

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Sally Grenier, Agent, Boulder, CO
Thu Feb 9, 2012
I'm sorry this has been so difficult for you. Unfortunately, buying a home has gotten a little more complicated and stressful thanks to the poor lending practices in previous years. They've gotten a lot more strict and want to make sure you can afford the house and provide documentation that shows you're not just given money from someone else in order to buy it. This is fairly common these days. Try not to get too stressed about it. Just do what they ask you to do, and it will all be over soon. Then you can enjoy your new home! Hopefully you're working with a Buyer's Agent who can also ease any fears you may have?
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Ron Thomas, Agent, Fresno, CA
Thu Feb 9, 2012
It sounds like you weren't listening to your Agent;
these things are normal for a Foreclosure sale.
You have to remind yourself that you are saving a bunch of money,
and that was your priority.

Good luck and may God bless
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