can we get a lesser price on a foreclosed home mor than 250 days in mrket?can we add in our loan to get the house fixed?

Asked by jmk12805, Chesterton, IN Sun Feb 10, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Tony Mitidie…, Agent, Orland Park, IL
Mon Feb 11, 2013
BEST ANSWER
I'm not 100% certain I fully understand your question, but you may be able to purchase a foreclosed home for less than it's listed price. Time on market and whether or not it will relate directly to a lower list price to sales price ratio is going to be heavily dependent on the specific investor that owns the loan's criteria for that loan. So, this is not even bank specific. Most banks act as servicers (they collect payments on the loans). They have various investors they work for (Fannie Mae/Freddie Mac/Private Company ABC, etc.). Each investor is going to have specifics they will look for in various parts of their portfolio of non-performing debt (i.e. foreclosures). This information is rarely shared with anyone outside of the bank/investor relationship.

For your second question, I'm guessing you're asking if you can get a loan for more money than the purchase price of the house so you can use the extra money to fix it. The simple answer is yes. A more comprehensive answer is yes, but it may not work for you. The most common form of loan like this is called an FHA203K loan. Or "FHA Rehabilitation Loan." This type of loan will allow you to perform a limited amount of work to the property. If you may be inclined to consider this as an option you should speak with a mortgage originator who is well-versed in FHA203K business and has actually closed several.

My background is in lending. I sell real estate and I have also rehabbed several properties in the last year, so I'm relatively familiar with purchasing foreclosures and the process in it's entirety. You're welcome to call or email me any time with any further questions.

I hope this was helpful,

Tony Mitidiero
RE/MAX Synergy
Licensed in IN and IL
Ph. 708-259-3734
0 votes
Jessica Klja…, Agent, Schererville, IN
Wed Feb 13, 2013
Hi. Answer number 1 - yes. Number 2 - yes if you prequalify. For more info email me jessica.k@cbexchange.com
0 votes
Richard Joll…, Agent, Valparaiso, IN
Sun Feb 10, 2013
That's a great question jmk12805. I'd be glad to share that information with you just call me at 219-508-0490 before 3:00 pm on Monday.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Chesterton Zip Codes

Email me when…

Learn more