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My realtor won't show me bank owned homes as she they are unlendable? My loan guy says long house as

My realtor won't show me bank owned homes as she says they are unlendable. My loan guy tells me as long as house has no major issues with the roof, foundation, or outside walls that the loan should be no problem. So is my realtor up selling me or is my loan guy shining me?
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March 29 2012 - Mesquite
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Your Realtor should be reported to his broker in charge.....bank owned homes are easy to get loans on in my experience. Perhaps, find another broker, if you need a suggestion email me.
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April 02 2012
In reading between the lines, I think your agent is averse to showing you HUD-owned properties (Government owned homes that went through foreclosure) because he/she believe they won't receive a commission on one of these homes....possible but not probable...

Otherwise bank-owned props aren't difficult to get financing, provided the home meets basic health/safety issue requirements, which goes for ALL homes!

best, Jeff M
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April 01 2012
As the other agents have stated it depends on the property. I had a call yesterday with someone being told by an agent that she would not show bank owned homes for the same reason you stated. I went and viewws the home they asked about at the HUD homestore website and saw it had minimal repairs and would have worked with and FHA 203 k streamline or dnom streamline depending on what they wanted to do in terms of rehab. With a conventional loan sometimes you can escrow for repairs or there are homes eligible for homepath financing another type of rehab loan. Many agents so not study the basics so they make blanket statements that may or may not apply to a specific property. It sounds like your lender is giving you good advise. Hope that was helpful like the other agents have been here.
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March 30 2012
Each property is unique. There are plenty of homes that are "unlendable" that aren't foreclosures and there are plenty of foreclosures that are great homes. My suggestion is to compile a list of homes that you want to see. Your Realtor should take the time to show you the homes, and if need be, explain to you why it may be hard to get a loan on specific homes. You may both learn a lot!
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March 29 2012

Your realtor is providing incorrect information in my opinion. Even if the bank owned homes in question do have major issues, it is still possible to
obtain an FHA rehab or 203k loan on the property which could allow you to borrow up to 110% of post rehab value. Conventional or VA loans may be more of a challenge. Good luck Josh!

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March 29 2012
It really depends on the condition of the property.  If the bank owned property has lead, asbestos and mold, it probably needs a cash buyer.  When in doubt show the listing to your lender and see what he has to say.
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March 29 2012
Most Realtors are not trained in lending. Your lender will give you specific criteria. If he says a property is 'lendable' then it is. When in doubt, have your agent send you the MLS listing to forward to the lender. I've done it when a property seems 'borderline' to me. 203k loans are pricey.  There are plenty of decent homes out there that won't cost you your life savings to fix up!
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March 29 2012
It may be they're saying two different things. The loan officer may (and certainly is) talking in general terms: He can get a loan on a property "as long as house has no major issues." He should know.

On the other hand, your Realtor may be talking specifics: That there aren't any bank-owned homes in your area (and price range) that are lendable. And that's possible, too. They all may have major issues. Could be.

Have a heart-to-heart talk with your Realtor. Find out just what she's trying to say. If she insists that foreclosures in general can't get conventional mortgages, then you might want to consider interviewing other agents.

Hope that helps.
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March 29 2012
I wouldn't say bank owned homes are unlendabl. Depenidng on your market sales of foreclosures account for a significant portion of the activity and not all buyers are cash buyers. Many are obtaining financing.  If the bank owned home needs serious repairs then you would need to use an FHA 203K Streamline or 203K loan (or other renovation loan) to close on the home.
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March 29 2012
 
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