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20% Down Is The Only Option On A Bank Owned.... NOT !

By Michael & Belinda Jackson

Real Estate Agent with Keller Williams Group One, Inc.

March 30, 2010 12:23 PM

After reading another Internet article today about buyers needing 20% down and bank owned homes needing 6 months to close, I want to scream ! This is partly what the article said:

"Buyers might be able to get great deals on foreclosed homes, but purchasers are often required to put at least 20 percent down on bank-owned homes-and closings can take up to six months or more due to red tape."

This information for buyers is just SO wrong !!! We have closed so many bank owned homes with buyers using FHA, Rural Grants etc. using 3.5% or less down. Then the 6 months to close statement, OMG I have NEVER seen that.. 45 days is a standard.6 months, never !!

We all must work hard to get the RIGHT information out. Yes in 2010 you can buy with 3.5% down ALL DAY LONG, EVERYDAY !!!

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Scott Baker

www.eHomeReports.com Coldwell Banker Realty - Liberty Township, OH

Realtor Homes for Sale Cincinnati/Dayton Ohio

That is crazy. Some nut that doesn't know what he/she is talking about will affect some buyers. Just as you said, we have to keep yelling from the trees the facts.

Thank you

Mar 30, 2010 12:39 PM

Sara Homan

Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL

Realtor, Homes, Farms & 55+

It seems like that blogger is mixing short sales with foreclosures and doesn't know either... Let's see, can we take an old expression here? Make sure the brain is engaged before the mouth is in gear.

I too have closed many bank foreclosures, most within 45 days of contract. I do ride my deals to make sure everything is in order... guess that is what success is made out of.

ps I've done several financing options and cash deals 20% is NOT standard or required!!! This I will say, CASH IS STILL KING! but have your proof of funds ready along with prequals if financing.

6 months? They're nuts!

Mar 30, 2010 12:43 PM

Mike & Belinda, I just wanted to revisit your post because I thought it was a very good description of the misleading information that some agents are feeding buyers and creating confusion & distrust. I also wanted to thank you for posting it...you really need to shout it out there a few times, maybe the ones who need to change their thinking will see it JMHO!

Mar 30, 2010 11:58 PM

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Michael & Belinda Jackson

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