OfflineI'm in the process of buying a Bank owned property, but I came across a bump.
Here's my question....since it is bank owned, is the bank willing to finance 100% the agreed price or does the bank want there money now?
If they want there money now then that puts me in a down payment situation correct(20%,10%,5%, etc)? or is the bank willing to agree to some creative routes (ex: down payment can be taken off the repairs needed, down payment can be financed, etc etc.
please help.
Ricardo Renteria
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thanks for all the help you've given me thus far. But I've got another question.
I now understand the earnest money...thanks
1. How do I determine the financing type? I think that comes from the bank right?
2. How do I determine the length of escrow?
3. Their is a "Agreement-to-Purchase" form on this website....is this the same as Purchase Agreement. Forgive me for my ignorance I just want to be sure.
4. Can I use this Purchase Agreement form to submit an offer?
Thanks
I now understand the earnest money...thanks
1. How do I determine the financing type? I think that comes from the bank right?
2. How do I determine the length of escrow?
3. Their is a "Agreement-to-Purchase" form on this website....is this the same as Purchase Agreement. Forgive me for my ignorance I just want to be sure.
4. Can I use this Purchase Agreement form to submit an offer?
Thanks
1 and 2 are related. Conventional financing takes about 30 days. If the seller is going to slap with you a per diem then make it a 45 day escrow. You should be ok.
FHA is longer. Normally takes ~45 days so ask for 60.
What type of financing depends on you and on the property. Are you going to live in the property and is the price below FHA limits? Then go FHA. Otherwise, you are looking at conventional.
Unless you plan to flip the property and are getting a great deal.. then a HML might come into play.
For #3.... yes.
For #4... yes. Although the seller (espcially if they are represented by a realtor) may want you to use their form.