Buying a investor owned home

[4sranch_buyer]

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.

[SD Realtor]

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.

[SD Realtor]

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.

[SD Realtor]

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.

[SD Realtor]

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.

[SD Realtor]

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]

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