The first deal is a bank-owned property. The property is a
foreclosure. The original owners lost the house. Instead of giving the house
back to Fannie Mae, HUD, Ginnie Mae, Freddie Mac, or another financial
governmental agency, the bank decided to sell the house itself. The bank put it
on the market with a listing agent. The buyer made an offer & the bank
wanted proof of the buyer’s ability to purchase before the bank would agree to
the sale. The buyer provided a letter of financial ability. Right now, the
buyer has had the inspection & done everything needed. We are just waiting
for the bank to do the paperwork so the title can be given to the buyer at
closing.
The second deal is a buyer buying the property & a
seller selling the property. These properties are easier to buy because the
owner has lived in the house. Inspections are easier because the utilities are
already on & working. Also if the seller is interested in selling the
property, they will work with the buyer about inspection issues. As of today
the buyer has done the inspection & the buyer & seller are negotiating
on property issues. The property still needs an appraisal before the lender
will give final approval for the loan. Once that is done, hopefully we will
have a closing.
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