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Asked by J, Wed Mar 5, 2008

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Answers

5
Melinda J. R…, Agent, Grand Rapids, MI
Thu Mar 6, 2008
J. There could be multiple reasons. First, the foreclosure could be in poor condition and would not be able to go FHA or VA. Some banks will work with this type of financing and others won't. I have found sometimes they do not offer these terms, but they will end up working with my buyer anyway. I would have your agent check with the listing agent.

Becareful though because sometimes they will say yes, but you have to have a clear appraisal first with no repairs. If there are repairs it becomes a dead head. The banks will not do the repairs because they are selling them as is and also will not allow the buyer to do the repairs either.

Again, though it maybe because of the price of the home being higher. I hope this information helps! Best Wishes!
Web Reference:  http://www.gomelinda.com/
0 votes
Nicole Sleeva, , Novi, MI
Thu Mar 6, 2008
Hi J -

Also talk with your lender. There are new underwriting guideline floating around too. Best of luck!

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference:  http://www.NicoleSleeva.com
0 votes
Missy Caulk, Agent, Saline, MI
Thu Mar 6, 2008
J, that is not uncommon. Perhaps it doesn't qualify for an FHA loan. However, some times they do and the Listing agent just didn't check that box too. It would depend on the repairs needed.
Talk to you lender, hopefully a local one.
Web Reference:  http://MissyCaulkTeam.com
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smith3gary, Agent, White Lake, MI
Wed Mar 5, 2008
J. Is the home less than 239,000? If not, that may eliminate some financing options.
0 votes
Derek Bauer, Agent, South Lyon, MI
Wed Mar 5, 2008
Hey, J! hahahahaha - I liked your expression.

The answer to your question is .... MAYBE. I know, not what you wanted to hear. It is possible that the listing Agent did that on purpose, or it may have been an accident. Not all properties may qualify for the FHA and/or VA process in their current condition, thus not all Agents / Sellers offer that type of financing as an option.

Your Agent will need to check with the listing Agent to see if your FHA loan will work for them, or not. Wish I could give you a Yes or a No, but no dice...

Best of luck to you! -Derek Bauer, Associate Broker - Real Estate One
Web Reference:  http://www.doortodreams.com
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