Home Buying in 32826>Question Details

traceyjennif…, Home Buyer in Orlando, FL

how do I get to get a place to live preforeclosures ect before the investors do desperately looking for a home for me and my son?

Asked by traceyjennifer, Orlando, FL Fri Sep 6, 2013

this seems impossible i see a house and the investors get there before I do .. there is a couple of preforeclosures coming up in the area I like, but I wander if I can get a chance before these investors do

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Answers

6
contact me about ' the first look ' process. The process locks out investors for the first 15 days.

text your e mail address to 407 832 4888 and I will jump to your side !!
1 vote Thank Flag Link Fri Sep 6, 2013
traceyjennifer@hotmail.com
Flag Fri Sep 6, 2013
Homes being sold by Fannie Mae will be held for residents the first 15 days or more before opening up to investors. Check the Fannie Mae site and find these houses as they become available. Your Realtor can do this for you too, and tack any homes that are in pre-foreclosure.
0 votes Thank Flag Link Wed Sep 18, 2013
Investors are always looking and they have Realtors looking for them as well. Most are also offering cash or they are lined up ahead of time financially. This does make it competitive. It is best if you have someone working with you. It would benefit you to team up with a Realtor, if you have not all ready.


Go get that home!
0 votes Thank Flag Link Mon Sep 16, 2013
Hi

Your best bet is to work with a Realtor. We are usually the first to know when foreclosures or properties in general come on the market. You have had good questions but you should contact a Realtor to help with you with your needs.

Good luck!
0 votes Thank Flag Link Sat Sep 7, 2013
A lot of the times investors already have a deal worked out the servicing company to buy the properties as soon as they are foreclosed. Some times the investors will buy several properties from the bank at one time. Other times real estate agents have what you call pocket listings. A pocket listing is not advertised on the MLS and if it is the agent puts on the MLS Sunday night and then has it as pendig the next day. They do this because they have investors lined to buy the property.
You will have to check the MLS two to three times a day. Then you must not hesitate to contact an agent and make an offer. In most cases with properties under $250k you will have to offer at least asking price. If you are not buying cash have all your paper work in order:
PRE-APPROVAL not a pre-qualification letter.
Last 3 months of bank statements showing that you have enough for the down payment and closing cost.
I hope this helps.

Thank you

Robet Gagliardi
Century 21 Team Feltrim
bobby.gagliardi@c21teamfeltrim.com
215-870-7079
0 votes Thank Flag Link Fri Sep 6, 2013
When you say pre-foreclosures, are you referring to short sales? If this is the case, they will usually prefer investors for many reasons. Investors usually pay cash. Investors are ok if it closes in 3 months or 9 months. Many regular owner occupant buyers walk away if a short sale does not close in 2-3 months. And most investors are ok with AS-IS contracts and repairs, where other buyers may cancel on inspection. I do a lot of short sales and usually encourage the seller to accept investor offers.

Many banks also prefer cash investor offers on REO for the same reasons above. I list REO and the vast majority sell for cash, even when there are larger financed offers.

If I were working with you, I would advise you to look for REO, with investor restrictions, also sometimes known as "First Look" periods. Some instituions have a 15 day or longer period where they only consider regular owner occupant buyers, using finance to purchase. This includes Fannie Mae, Freddie Mac, HUD, and Wells Fargo. There are also some owned by local governments in NSP programs that never accept investor offers. But these are few and far between.

Let me know if I can help you.

Thank You,

DON SHIPPEY, REO, CDPE, SFR
BROKER Associate / REALTOR

Certified Distressed Property Expert
Short Sale Foreclosure Resource
Certified Military Housing Specialist
Certified Professional Property Manager

RE/MAX Properties SW
6985 Wallace Rd
Orlando FL 32819
Cell 407-925-2318
Office 407-857-7600
Fax 407-857-1100
E-mail: donrshippey@gmail.com
http://www.OrlandoRealtyOnline.com
http://www.veteranrebates.com/
0 votes Thank Flag Link Fri Sep 6, 2013
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