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Banks don't want to be in the housing business, they want to lend money.  Most banks involved in residential lending have huge inventories of properties they want OFF the books, so some great deals can be had.  However, they have "asset managers" who are paid to negotiate strongly & squeeze out every dollar a home's worth.  Smart buyers hire quality professionals like us, whos experience negotiating with these asset managers can help them rob the bank - legally!  (Figuratively speaking, of course!). 

 

What you should know about bank homes, distressed properties & government homes...

 

Government Repos

Only HUD approved brokers can sell government repos, and we are on the current list of providers.  Want to find a great deal on a government home? 

 

Search HUD government repos by clicking the "HUD Repo Search" tab in the upper right-hand corner of this page, just under our name & address.  For detailed infomation on the properties or to view & write offers on one, contact us at 1-888-727-CHAD (2423).

 

Search for HUD homes at:  www.hudhomestore.com now.

 

Learn about buying HUD homes and get many of your questions answered here: 

http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm#Who%20Can%20Buy%20a%20HUD%20Home?

 

Call us at 1-888-727-CHAD for help finding & previewing HUD homes.

 

FNMA ("Fannie Mae") Repos:

The Fedral National Mortgage Association has repos as well... these can be searched directly at:  www.homepath.com .  At this site you can search for repos that may have special "HomePath" financing available on them, and which can be purchased for as little as 3% down. 

 

FNMA repos may also have special financing available on them, including low down payments - even on investor properties or second homes.  They also offers deals that may include low down payment plans where they'll pay up to 3% of your closing costs AND waive mortgage insurance so your payments are much lower than with FHA or VA type loans in many cases.  You can learn more at www.homepath.com about these programs as well. 

 

Only a few select mortgage companies are approved to do HomePath special financing.  For more information on these types of loans, contact Kameron Wagar of HomeStreet Bank, at 253-222-8896

 

Bank Repos

There is not one site at which the general public can search for bank repos.  Banks list their properties with individual agents, and the only place you can find all bank listings are on local MLS related websites.  The problem for you, the buyer, is that owner info isn't listed on the MLS for public knowledge, so it's impossible for you to weed out which homes are bank owned and which are not.  Banks often request that their listing agents specifically leave out of their marketing comments that their properties are bank owned, because they know investors will then work them for aggressive prices.  We have the ability to search bank-owned homes only, making it fast & easy to identify where the best deals might be, and are expert at helping our clients negotiate great deals on them.

 

Want to be emailed a bank-owned property list?  Fill out the info at the bottom of the page, or call us direct at 1-888-727-CHAD now. 

 

Rehab Properties

Many repos, whether bank or government owned, are in need of repairs that exclude them from "regular" financing.  A standard FHA or VA loan, for example, has condition requirements that many repos might not meet - but that doesn't mean you can't buy them.  If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. 

 

Short Sales

If a home owner owes more on a property than it's worth, it is a "short sale".  The term refers to the fact that net proceeds from a sale at today's value would be "short" of paying off the loan.  Short sales are often listed in your local MLS at a price that is below what the seller owes and, in most cases, are advertised for a price that the home seller has no right or ability to sell the home for.  Any buyer making an offer on a short sale needs to understand that it can take anywhere from a few weeks to a year or more to get a "yes or no" answer from the bank.  While it can be a frustrating process, some good deals can be had.  Banks will normally weigh whether or not they'll make more money accepting the short sale offer now, or simply foreclosing on a property (which makes them the legal owner) and selling it directly through their own agents. 

 

We help people find homes for sale and buy houses - including bank repos - in Puyallup WA, Graham WA, Eatonville WA, Tacoma WA, University Place WA, Sumner WA, Dupont WA, Gig Harbor WA, Steilacoom WA, Lakewood WA, Bonney Lake WA, Lake Tapps WA, North Tacoma as well as the rest of Pierce County. We help people search for and find homes around Fort Lewis, too.

 

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