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Answers (17)
- Charles Dailey, "charlesdailey"
- Contributions:7
I know Sherri to be a top end loan officer with experience with this type of transaction. You may want to start there.
- Sherri Sherpy, "MN Mortgage Mom"
- Contributions:476
Oops! Just want to make a few clarifications. You can still get conventional financing with only 5% down and a 680 mid-credit score. The DTI ratios are very restrictive, however, and the MI companies will not insure all property types. For example, duplexes are a no go.
FHA financing has not been an issue at all as far as the water being turned on. It just takes a bit of "fine art" scheduling with the same day that the inspector is on site. Provided the inspection comes back in good shape, the appraiser can follow right behind.
Michael is absolutely correct. In this market, you want to get yourself aligned with a lender and get preapproved. It is the only way a bank will accept your offer...that the offer is presented with an approval letter.
Best Wishes!
- Michael Emery, "MikeEmery"
- Contributions:7290
I would definitely get a pre-approval letter before looking at even one property.
The lenders who own bank owned properties are all business and they will want to see proof that you can perform on the deal. Also having a healthy down payment won't hurt either.
In the Twin Cities, if a home is priced aggressively from the start, agents have seen upwards of 15 offers on foreclosed homes. So obviously the cleanest offer with a healthy down payment will help to float your offer to the top of the pile.
Remember that not every municipality will allow multiple occupancy in a single family home. You might want to consider a side by side duplex as opposed to a traditional single family home. If you do find a home with a mother in law apt in the basement (I sold one to a friend several years ago) it's best to find one with a walk out basement, which can be hard to find in town.
The lenders who own bank owned properties are all business and they will want to see proof that you can perform on the deal. Also having a healthy down payment won't hurt either.
In the Twin Cities, if a home is priced aggressively from the start, agents have seen upwards of 15 offers on foreclosed homes. So obviously the cleanest offer with a healthy down payment will help to float your offer to the top of the pile.
Remember that not every municipality will allow multiple occupancy in a single family home. You might want to consider a side by side duplex as opposed to a traditional single family home. If you do find a home with a mother in law apt in the basement (I sold one to a friend several years ago) it's best to find one with a walk out basement, which can be hard to find in town.
- Be Ga, "bagnn"
- Contributions:526
I know that a lot of the Zillow friends will say, FHA only requires 3.5% down payment and has no credit score requirements but since indsin mention foreclosures, I had to mention conventional mortgages as example.
In addition, 203K FHA. This should ve explain by the one daling with the financing. Rehab loan.
In addition, 203K FHA. This should ve explain by the one daling with the financing. Rehab loan.
- indsin
- Contributions:8
Thanks for the advice. I agree with you.
- Be Ga, "bagnn"
- Contributions:526
I see, well, I do request every buyer to have a pre approval letter , for finance offer, to see homes.
In a conventional Mortgage I had heard that it is required a 740 middle socre to buy 10% downpayment, anything below 740, needs 20%. I hope this is wrong but my intentions is to show you the reasoning of Pre Approval. Now more than ever it is important to visit a Home Mortgage Consultant. The differences between FHA and conventioanl,as well as this is 2009, not 2004. A lot had change in the Mortgages.
I suggest to interview Home Mortgage Consultants and get pre approved.
Best.
Buy!
Benito.
In a conventional Mortgage I had heard that it is required a 740 middle socre to buy 10% downpayment, anything below 740, needs 20%. I hope this is wrong but my intentions is to show you the reasoning of Pre Approval. Now more than ever it is important to visit a Home Mortgage Consultant. The differences between FHA and conventioanl,as well as this is 2009, not 2004. A lot had change in the Mortgages.
I suggest to interview Home Mortgage Consultants and get pre approved.
Best.
Buy!
Benito.
- indsin
- Contributions:8
Hi,
I am not pre-approved yet as I have not applied yet. But I have a better than average Credit Score and and Confident that I wont have any issues getting pre-approved.
Thanks
I am not pre-approved yet as I have not applied yet. But I have a better than average Credit Score and and Confident that I wont have any issues getting pre-approved.
Thanks
- Be Ga, "bagnn"
- Contributions:526
Hi, again, when you mean, REO too, are you Pre approved for a Conventioanl Mortgage?
I have been showing properties for one of my buyers in Bloomington and Richfield but most of those were foreclosures. In Short Sales is important, very important to be the first offer.
Thank you.
Benito.
I have been showing properties for one of my buyers in Bloomington and Richfield but most of those were foreclosures. In Short Sales is important, very important to be the first offer.
Thank you.
Benito.
- indsin
- Contributions:8
Thanks for your reply. I do understand that a Short Sale takes more time. But as present I am living in a apartment and have the time to wait in case I find a good deal which is Short Sale.
Also I dont mind looking at REO too.
I am looking in the 200's. I am looking for a house that has a basement that I could use to rent and use the other portion of the house for myself and my family.
Thanks
Inder
Also I dont mind looking at REO too.
I am looking in the 200's. I am looking for a house that has a basement that I could use to rent and use the other portion of the house for myself and my family.
Thanks
Inder
- indsin
- Contributions:8
Thanks for your reply. I do understand that a Short Sale takes more time. But as present I am living in a apartment and have the time to wait in case I find a good deal which is Short Sale.
Also I dont mind looking at REO too.
Thanks
Inder
Also I dont mind looking at REO too.
Thanks
Inder
- Jason Sandquist, "JasonSandquist"
- Contributions:34
Be prepared to wait on short sales, if you have time then it might not matter to you. Going REO might be the better choice depending on your circumstances.
I work strictly as a buyers agent for the Biondich Group which specializes in those areas.
http://www.livingtwincities.com
I work strictly as a buyers agent for the Biondich Group which specializes in those areas.
http://www.livingtwincities.com
- Be Ga, "bagnn"
- Contributions:526
hi, a Short Sale could take 90 days (or less or more) to get an approval from the lien(s) holder. Some properties could be FHA approved. Plus the standard 30 days to close.
Foreclosures, most of them will not have water turn on for inspection and will make it very hard to be approved for FHA Financing.
What kind of financing do you have? FHA, conventional, or any other?
What is the price range you are looking for?
Thank you.
Benito.
Foreclosures, most of them will not have water turn on for inspection and will make it very hard to be approved for FHA Financing.
What kind of financing do you have? FHA, conventional, or any other?
What is the price range you are looking for?
Thank you.
Benito.
- indsin
- Contributions:8
I am looking to buy a house and would like to get a deal in this market so thats the reason I mentioned ShortSale and Foreclosures. I work in Bloomington so would be looking close to Bloomington. I would be ready to look in Edina, Eden Prarie, Chanhassen, Eagan and Bursnville.
- Alek Ploetz, "Alek Ploetz"
- Contributions:14
Do you have any specific questions about short sales or forclosures?
- Be Ga, "bagnn"
- Contributions:526
Hi, I had close short sales on buyers side and sellers side.
Also,I just set pending a Corporate Property as a listing agent. I have 2 Purchase Agreemtns accepted on REO/foreclosure propertys.
I am working on 2 REO properties to set on the market very soon. FHA ok.
and and appointment for a short Sale listing in Apple Valley.
Benito.
Also,I just set pending a Corporate Property as a listing agent. I have 2 Purchase Agreemtns accepted on REO/foreclosure propertys.
I am working on 2 REO properties to set on the market very soon. FHA ok.
and and appointment for a short Sale listing in Apple Valley.
Benito.
- sunnyview
- Contributions:25127
Lots of agents are signed up for local email alerts so that when a question comes in on Zillow in their area they have the opportunity to answer so I'm sure that you'll get some replies. You can always check out the Zillow directory here for agents in your area too. You can always choose a few to interview to see if they fit what you are looking for.
- Jason Sandquist, "JasonSandquist"
- Contributions:34
What areas are you looking in?
Buyers Agent with Foreclosure / Short Sale Experience in Minnesota Area
I am looking for a buyers agent who has experience dealing with Foreclosures and Short Sales in Minnesota Area.
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