We set up 10 homes to show a buyer and 8 are foreclosed by chance, sound familiar? So many homes are out there right now empty and the bank is waiting for offers. Keep in mind however that not all banks are the same, read the fine print!
Many banks will not gift monies back so if you have a buyer, or you are a buyer looking to do a “Genesis” program for example where you need 6% back research the homes you are looking at first. The last thing you want to do as a buyer or as an agent is get stuck on the perfect home only to find out the bank will not accept the type of loan you need.
Before you go out, read the supplements, have your agent call the listing agent and talk to your loan officer about the specific property at hand. Foreclosed properties are a great way for first time home buyers to get into a property that needs a little elbow grease and TLC to build some of their own equity but not all will need work. When they do need work clear that with your loan officer as well, some lenders and some loan programs will not allow unfinished or uncovered flooring, mold, broken windows, bad roofs and other items. Be educated about your needs before heading out and the process will run smooth.
If you would like more information on loans for foreclosed homes or would like to look at foreclosed properties give us a call at 612-282-7653.
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