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Since October 2009
Your financial commitment letter from your lender is sufficient attached to your offer for any bank owned property. It states your down payment and ability to purchase. Your feeling is right, you, your bank, and your lender only need to know your business. Offering 10% more down payment is not going to put you in a stronger buying position, in fact, it could hurt you showing you have money. Think about lowering your offer while the bank is paying the bills on the non performing property.
Do not be in a rush to close a deal. Time is on your side and I'm sure there is a better house out there for your needs at a much better price for you right now. I guarantee you will make a ton more money on your acquisition and more than likely at a better interest rate in the coming months.
To find and make an excellent deal takes a lot of work and skill. Tell that to your buyer-broker agent.
Since October 2009
Since October 2009
Since October 2009
Proof of funds are always required for Cash Offers. All you need to do is get your bank to issue a letter on its letterhead signed by an bank officer stating your line of credit. The letter should be addressed in such a way that it identifies you as the owner of the bank account. There should not be a bank account number on the letter.
Re: Bank owned properties' Addendums. There are always addendums associated with bank owned properties. These addendums override the Purchase and Sale Agreement. Each bank has a totally different set of Addendums.
Therefore, you should have your agent fully explain what the differences are. For example, the P-S agreement might say 10 day inspection period and the Addendum list a 7 day. This is important because the clock starts ticking on the due diligence period upon verbal acceptance (via email) from the Seller. The due diligence period is when you have the ability to inspect the property and get out of the deal and get your earnest $$ back if a major repair or defect in the property is discovered during the due diligence period.
Typically, banks sell AS IS, no disclosure and won't do any repairs.....
The Fannie Mae/Freddie Mac owned properties are being renovated with the Government stimulus $$ and you can get some very very good deals if you have a contact (ME) that knows what is coming on the market in advance of being listed on public domains.
... and, it's free and anonymous
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AGENT REQUESTING MY BANK STATEMENTS
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johnny2010
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I just put in my offer with my buyer's agent. She is insisting that I supply her with my bank statements to show proof of funds and to be share with the listing agent.
Is that normal? My feeling is that only me, my bank and my lender are the only ones to have this information, Not the listing agent or the selling party.Besides, the pre-approval letter states very clearly the loan amount. After all thats what the pre-approval letter is for.
Any comment is welcome.
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