You should be eligible for an FHA loan after 3 years and a conventional after 2yrs. Based on that I think you'd probably be eligible now. Contact for a more detailed answer and to get set up on an automated home match system if you'd like.
Hello Mr. Grant,
I suggest that you consult an attorney as to what can be done. He may possibly contact the lender in your behalf to determine if you might be eligible to purchase the home. It doesn't seem likely but you never know unless you try!
Prudential Connecticut Realty... more
Many homes are listed low to stimulate activity, or at the "net" price a lender or investor is looking to get out of the property.
Bottomline is that whatever the price the property sells for, has to be within "market" value or it won't appraise. Cash is the exception to most rules though.
If you're looking to purchase a home in a particular area, it may be best to have a local realtor give you comp's for that market. That way if you're cruising the internet you'll be able to tell if it's too good to be true!... more
anything is legal, but remember the lenders are some of the largest companies in America. how easy is it to talk to your boss's, boss? If you are in a mid to large firm somewhat difficult. Besides that, the bank has a process to sell real estate, that is, when they choose fit they put them on the market. I don't mean to be rude, I just want you to know you will be wasting time trying to contact the lender.
You can really only borrow up to what the property will appraise at. The days of cash back at closing pretty much went the way of sub-prime Option-ARM mortgages. If you are approved at $75K and only purchase at $58K, your payment will be significantly lower and so you may be able to 'pocket' some cash every month, to build up your reserves.... more
I haven't seen your contract so I can't speak specifically but generally bank foreclosures are "as is" transactions. If the property is in need of a termite treatment the buyer would normally be responsible. In some rare instances (VA loans) the buyer (veteran) is not allowed to pay for the treatment. At that point you have a stand off which would require some creative work on the part of the agents involved. I hope that helps.
Licensed Mortgage Originator
Cornerstone Mortgage Inc.... more
If you are willing to go out of state and have the ability to pay cash I have heard of a lot of investors from here in Utah are looking in Indianapolis buying duplexes for under $20,000. I would recommend finding a good agent there.... more
The Buyer would need to contact a Lender to get a preapproval for a Mortgage. A Realtor can do a Comparative Market Analysis to determine what the Market value would be for the property. Adjustments would be made for the condition of the home. Though you want to sell the home, the tenant may or may not be qualifed to purchase through traditional financing. If that is the case 1. You could list the property for sale, with a tenent already leasing. an investor may be interesed in purchasing, and continuing the lease with the current renter. 2. You could lease with the Option to Purchase, so Renter would have time to apply for a mortage and be qualified. 3. You could Owner finance the person, so they would make the house payments direcly to you.
The Renter may or may not qualify to make the purchase. You would need to decide if you want to sell the home, and prepare to do so,
Shawnee Mission, Ks. 66219... more