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Will banks accept financed offers on $50k condos? (Instead of cash offers?)

Contributions: 17

Q&A

:17

I have been pre approved for both conventional&fha loans but I am not interested in buying a house at this time. I want to buy a condo, and I'm aware that 20-30% down is needed (which I have). The condo has short sale & foreclosure listings ranging around $50-100K+; will the banks consider * financed * offers w/20% down? Or are the banks only interested in cash? These units have been on the market for a while now.

My lender will submit a questionaire to the HOA (to check for issues) if I want to proceed, but I'd like to get more info before I spend money on application fees the HOA will charge us.

I am only interested in condos, so please don't suggest that buy a house. Just looking for info; even better if you have experience with short sales!

Thanks.

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May 21 - Orlando

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Marcus Burke, "Orlando Marcus"
Contributions: 1

Marcus Burke, "Orlando Marcus"

Real Estate Agent

Contributions: 1

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:1

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Honestly, the banks are interested in cash only deals right now. You'll be hard pushed to find anyone who will lend on these REO deals. All of my deals have been cash and I've had no luck finding financing for anyone. Once in a while the bank will finance it themselves and if you'd like to try that let me know.

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June 04

Amanda Wilson, "WilsonAmanda"
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Amanda Wilson, "WilsonAmanda"

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The banks are very fussy when it comes to condos...the bank want no more than 15% of unit owners owing condo fees and want at least 70% of units owned...therefore, it must be a healthy condo complex to even get financing...if this complex has many short sales and foreclosures, your bank may not want to finance....this is very tricky!!

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May 26

Dave Lowe, "Dave Lowe"
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Dave Lowe, "Dave Lowe"

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Orlandoz,

Banks don't care where the money comes from if your lender will loan on these condo's.

They are cash because FHA requirements of investor to owner/occupant and HOA problems.

The Title Company where the closing takes place checks out the HOA for non payment and future assessments, Title for liens etc... for you.

I can send you all condos in the area you are interested in direct to your email with all details like taxes, HOA fees, pictures and more.

Broker Dave, Orlando

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May 21

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Will banks accept financed offers on $50k condos? (Instead of cash offers?)

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