Santa Clarita Real Estate Tip #5
Have you ever thought of making an offer on a bank owned home, in this real estate market? The answer is probably, yes, especially if you're reading this. If you are planning on financing your home purchase, and you happen to pursue a Santa Clarita bank owned home, you may have to get pre-approved through the bank's preferred lender, in order for them to consider your offer.
Don't get me wrong, you can, and should, be able to go through whichever direct lender or loan broker you want for your home purchase financing, but you will find that MANY of the bank owned homes, at least here in the Santa Clarita Valley, require that you also cross-qualify with their preferred lender. That lender may be at the choosing of the actual bank or government agency who owns the home, or they may have been selected by the listing agent for the entity that owns the home. The reason some of these foreclosure listings make the prospective buyers do this, is 1) In order to possibly give their lender of choice more business (if it's a Bank of America foreclosure listing of course they want the buyer to entertain a Bank of America home loan), and 2) To "ensure" they feel the buyers offer they are accepting is "really" qualified.
A pain the the royal "arse" is exactly what it is, to qualify through yet another lender, just in order to get your offer looked at. But that is what's happening in this market. Bank owned homes, real foreclosures (not short sales), are hot items…and the listing agents for them, and most banks know this. And as such, they make the buyers jump through hoops in order to get them – often times. Our tip to you, is to have your preferred lender, handle the process of getting you approved with the bank's preferred lender. Just tell your loan agent you wish to use, to contact the bank's lender and for him/her to provide them any of the documentation needed, in order to cross-qualify you. That way you don't have to deal with the bank's lender at all, and get pressured from them to "switch" lenders.
Contact The Robert and Brian Team to discuss how we can help you purchase a bank owned foreclosure, in Santa Clarita. Visit our Santa Clarita real estate website here, or just call us @ 661-964-1760.
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