I can help you purchase any foreclosed property. I have worked with a few companies that are very good to work with. Home Steps is one of them. You can view some of their properties by clicking on the logo, then contact me to see any or make an offer on one. 
You can also search this site for Fannie Mae foreclosures and contact me about any you would like more info about or would like to make an offer on. Many are eligible for special fact track financing with no mortgage insurance, no appraisal fee and other perks. Currently, there are over 18,000 homes for sal in the Central Indiana area alone. Of these, there are over 900 bank owned or foreclosed homes. This can represent an opportunity for today's home buyers because the banks do not want to own real estate. If you are considering purchasing of these homes, there are some quirks you need to be aware of before making an offer. * These properties are generally sold in "as is" condition. You are encouraged to have the property inspected, but don't expect the bank to make any repairs. If a major defect is discovered during the inspection, it may be possible to renegotiate the purchase price. * You will generally have only 30 days to complete the transaction. Before making an offer, it is a good idea to have your financing in place as much as possible. You will need to provide a letter showing you are pre-approved, or if you are paying cash, you will need to provide proof of funds. Most banks will change a per diem for every day past your initial closing date, that you delay closing; usually$100.00. * Most of these homes will not qualify for FHA or VA financing. * Generally, the utilities have been turned off. You will probably be responsible for having the home "dewinterized". This usually costs about $250.00. If you decide to not complete the transaction because of a major defect found during the inspection and you and the bank can't arrive at a fair solution, you will be responsible for having the home "winterized". This can be another $250.00 charge. * Some banks will require that you have the utilities put in your name for the inspection and it is your responsibility to have them turned on. I usually do not recommend a first time buyer consider purchasing a foreclosure unless they have the financial means and extensive experience with major home repairs. These homes need to be sold and many tims, you will move in with considerable equity. Just be prepared for a different home buying experience. There is a type of loan called a FHA 203K that incorporates the purchase price of the home and the fix-up costs. Many lenders do this type of loan. Contact me with any questions about any property you are interested in. |