Home Buying in Jacksonville>Question Details

afmamhwwstl7…, Home Buyer in Overland Park, KS

What is required to try to purchase/bid on a foreclosure/?

Asked by afmamhwwstl7777, Overland Park, KS Thu Jan 30, 2014

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Thank you for your interest in buying a foreclosed home in Jacksonville. I agree with the answers below. No matter what kind of home you are interested in buying the first steps are a pre-approval letter and deposit. I recommend that you contact our preferred mortgage broker.

Eric Hall
Vice President
2950 Halcyon Lane, Suite 704
Jacksonville, Fl 32223
Office 904-338-9356
Fax 904-338-9402
Cell 904-386-1767
NMLS #239215
Atlantic Trust Mortgage NMLS# 239592

Eric can put a plan together to help you get into a home as soon as possible. Our team would love to help you find a home. Our Buyer's Specialist is Mike Walsh. This is his contact information 904-201-9624 or mike@paigewajsman.com . He is happy to answer any questions you may have. Please contact these gentlemen at your earliest convenience. We look forward to working with you!

Best Regards,

Paige Wajsman
The Paige Wajsman Team
1 vote Thank Flag Link Fri Jan 31, 2014
Right after you find a Mortgage guy in KANSAS to give you a letter of pre-approval then find a REALTOR. Only REALTORS help people buy and sell real estate from banks. Banks cannot deal directly with the public. Most foreclosures are bought with CASH since they are in disrepair and mortgage companies won't touch them. FHA has a product called 203K for rehab. Also Fannie Mae properties can be good. CASH buyers must have a Proof of Funds letter from the bank. Pulling money out from under a mattress will not work.

The agent you select should be familiar with different foreclosed property types, HUD, VA, Fannie Mae, Freddie Mac and various banks via asset managers. Each bank has different requirements for the REALTORS .
0 votes Thank Flag Link Sat May 3, 2014
Every foreclosure has different requirements. You will need a proof of funds or preapproval letter to submit your offer. Your agent can look up what the procedures are for submitting an offer and ensure you have the correct forms that are required to complete the process.
0 votes Thank Flag Link Thu May 1, 2014
If you need a loan to purchase, take the relatively small amount of time to get pre approved or if you have an address and sales price you can even go thru the steps it takes to actually obtain a conditional Loan Commitment. This will make you the next best thing to a cash buyer. .

Then deposit at least 5% of the estimated sales price in title attorney or realtor's escrow account to obtain an Escrow Letter. .

Then, with a Loan Commitment Letter and Escrow Letter you'll be loaded for bear!

0 votes Thank Flag Link Fri Jan 31, 2014
Money in the form of Cash, loan pre-approval or in a bank statement (proof of funds). You will need a small escrow amount of about 1% of the purchase price to submit with offer. Then the rest of the money at closing. But the loan pre-app and POFs must also be included with offer. You will also need a signed offer document. Any Realtor can help you complete the forms and can place the offer for you on a foreclosure.

Now, if you want to start bidding in auctions it is more complicated and has extra fees, and few agents will want part of it because they pay very little to the agent. Stay away from those if possible. Was this answer helpful? If so please click on "best answer" or on the "green thumbs up".

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Thu Jan 30, 2014
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