Menu

Home › Forums › Closed Forums › Buying and Selling RE › Buying a investor owned home

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • January 8, 2010 at 12:49 PM #16883
    4sranch_buyer
    Participant

    We are looking to buy an investor owned home which was bought at the auction sale and owned by the investor for less than 45 days. My mortgage broker was mentioning that its hard to find good interest rate for these kind of homes even with 25% down. Is that true?

    Can you experts please comment on this and let us know of any caveats for buying such a home? BTW we do not have an agent.

    January 8, 2010 at 1:43 PM #500268
    SD Realtor
    Participant

    No it is not true.

    The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.

    You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.

    Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.

    January 8, 2010 at 1:43 PM #500423
    SD Realtor
    Participant

    No it is not true.

    The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.

    You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.

    Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.

    January 8, 2010 at 1:43 PM #500818
    SD Realtor
    Participant

    No it is not true.

    The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.

    You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.

    Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.

    January 8, 2010 at 1:43 PM #500912
    SD Realtor
    Participant

    No it is not true.

    The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.

    You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.

    Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.

    January 8, 2010 at 1:43 PM #501158
    SD Realtor
    Participant

    No it is not true.

    The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.

    You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.

    Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The forum ‘Buying and Selling RE’ is closed to new topics and replies.