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Financing in Auburn : Real Estate Advice

  • All49
  • Local Info2
  • Home Buying14
  • Home Selling3
  • Market Conditions3

Activity 5
Sat Jul 21, 2012
Ute Ferdig answered:
Hello Funjunk. Welcome to the Auburn area. You have some good questions and there are plausible explanations for what you may have observed. Many home owners have mortgage payments that by far exceed the rental value, which means that they would still be in the red every month. Furthermore, tenants typically don't want to move into a house knowing that foreclosure is a real possibilit. If they were to put up with that, they would want to rent at a discounted amount.

Banks are not in the business of being landlords. There is a rental program though Fannie Mae, but it's not heavily utilized. Banks want to get the properties that they took back in foreclosure off their books as they are liabilities and don't bring in any money. They want to liquidate so that they have more money for new loans.
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Wed Oct 24, 2012
Myra Gouger answered:
My experience tells me he likely is hiding a bankruptcy or has considerably bad credit or a tax lien. People who pay cash for everything usually have a credit card and have bought a car somewhere in their lives on a payment plan. ... more
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Thu Sep 26, 2013
Ute Ferdig answered:
Hi Danielle. Just because the house qualifies for a Homepath renovation loan does not mean you have to get the Homepath renovation loan, nor does it necessarily mean that the house needs renovation. I have seen properties that qualified for Homepath renovation, but only needed a brokern window replaced. I think the appliances incentive expired April 30th, but it does not hurt to ask the loan officer who deals with Homepath loans whether the program has been extended. I don't think your offer has a better chance if you write it with Homepath loan vs. FHA.

Good luck.

Ute Ferdig
Ferdig Real Estate Solutions
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Fri Apr 1, 2011
Linda S. Cefalu answered:
That would be a question for your lender. There are many factors that will be taken into consideration in determining whether or not you would qualify for such a loan.

Some of those factors might include how much you owe on your current homes; what the value of those homes are; your current credit scores etc.

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Wed Oct 29, 2008
Scott Godzyk answered:
someone is not paying attention would be my guess, they could have easily extended it. the mortgage officer and teh buyer should have been keeping watch...
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