Buyer FAQ's

These are some of the questions that buyers have asked when submitting an offer on REO or bank owned foreclosure properties.
    Q - Why do I have to pre-qualify with the sellers bank?
The seller doesn't want to waste time on a deal that might not close. Also, the seller is normally offering some incentives by using their lender that other mortgage brokers cannot offer.
    Q - Will the bank make repairs to the property?
Although we do not have an answer for this, the best thing to do is to ask for repairs when writing up the initial offer. Don't assume that you can have repairs made later after inspections and appraisals or you risk lossing the deal or worse, your earnest money.