Have you spoken to a local lender to see what they offer. I don't think you will find what you want but speak to a lender or two and see what they are offering. I advise to avoid any online lenders, I have nothing but trouble with anyone I can not look in the eye.... more
If a buyer is working with an agent that is on the ball it is very possible.
I have a customer wanting a high floor in a particular condo. I received a notification by email yesterday afternoon that there was a new listing as soon as the other agent entered it into the MLS. I called the customer, wrote the offer, emailed it to them, and then emailed the signed offer to the selling agent all within a couple hours. I look forward to reply from the seller's agent today, and successful closing by the end of June.
Find yourself a good agent who knows exactly what you want and will work with you to find the house you want.
That is why your first step should be to speak to a mortgage lender about getting pre-approved. They will tell you what programs you qualify for and how much money you can actually get. Once you know how much home you can buy, then you get an agent from the zipcode you want to show you home below that price and help you make an offer.
Based on your loan program will be how much you need to have for closing cost and for downpayment. Plan to have at least $1,000 up front for the escrow deposit the moment you make the offer. Was this answer helpful? If so please click on the "thumbs up" or the "best answer".
Possible... but the question is whether this is smart. Are you planning on living in this property, or renting it out? Homestead may be your best bet, but $40,000 may buy more problems than solutions.... more
Since most bank owned properties end up being listed with a broker, consider working with an agent of your own. One can pay with cash or with a mortgage; if purchasing with a mortgage, do visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; if purchasing with cash, do have a bank letter handy stating proof of funds. Keep in mind that not all bank owned properties are such a great bargain, therefore don't overlook some traditional sales, as some may end up being a much better bargain.... more