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For any sale, the entity selling the REO property will want to be confident the deal is going to go through because they want to get off their books as soon as possible. In order to make your offer stand out, we recommend you couple it with a strong mortgage approval. This documentation can come in the form of tax returns, W-2s, pay stubs and bank statements. Within 24 hours of getting your information back, our team will make a decision on your Verified Approval.
We use this to determine your debt to income ratio DTI. This gives us a highly accurate picture of the monthly mortgage payment you can afford. That means having the lowest interest rate you possibly can. This loan option allows you to lock your interest rate for up to 90 days while shopping for a new home. If rates are higher, you just keep the rate you locked.
If rates go up, your rate stays. If rates go down, your rate drops. Either way, you win!
These homes are often sold as is, warts and all. So, you can get it for a lower price, but you might have to spend a lot of money fixing up the home. They may also have some experience with telling you what would need to be done to get the house up to your living standards. Our friends over at Rocket Homes SM can help match you with a real estate agent who understands your goals as well as your budget.
A home inspection is especially key when it comes to buying an REO property.
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By going through their home with the inspector, you can also ask questions and know what problems to be on the lookout for. If you and your real estate agent can get the investor to agree to an inspection contingency, you might not even lose that. In most home sales, typically, you have a general warranty deed. As a buyer, this tells you a couple of things. If you get a general warranty deed, you can be confident no one will come along to say there are issues with your title from before you own the property. There are no liens and the property is owned free and clear by the seller.
With an REO sale, you may not be able to get a general warranty deed. With a special warranty deed, the mortgage investor is likely to only guarantee that there are no additional title issues that have been created since they took over ownership. Many of the homes available have been foreclosed on. In general, this means the previous owners probably had financial trouble and you may have to worry about tax liens or judgments on the property.
How to Buy an REO Property From the Federal National Mortgage Association
Are you looking at buying an REO property? One of our Home Loan Experts would also be happy to go over your situation if you give us a call at If you still have questions, you can let us know in the comments below. This offer does not apply to new purchase loans submitted to Quicken Loans through a mortgage broker. Additional conditions or exclusions may apply.
Verified Approval within 24 hours of receipt of all requested documentation. Your exact interest rate will depend on the date you lock your rate.
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Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Quicken Loans. This is not a commitment to lend.
I am also interested in a property listed for auction and am wondering if I can get some information on it? If the property is currently in possession of Quicken Loans, we can try to get you whatever information we have if you send the property address. Please be on the lookout for an email.
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May I contact information of someone I can speak with about the property? Thanks for reaching out! If you can get me the address of the property, we can help you get whatever information we may have on it. Have a wonderful day!
About The REO Initiative allows qualified investors to purchase pools of foreclosed properties with the requirement to rent the purchased properties for a specified number of years. Twitter Youtube LinkedIn Facebook. Contact Us Mobile. Want to Subscribe? Mortgage Translations. Credit Risk Transfer.
Six Keys To Successfully Buying A Bank-Owned Foreclosure - WILMOTH Group
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