trying to buy a foreclosed home with FHA loan.?
The house will pass fha but chase is the bank is the holder. Does anyone know once paperwork is submitted how long or quick it takes them to respond to offers. We have already been approved for FHA loan.
- 10 years agoFavorite Answer
Foreclosures are way better than short sales. With short sales you can sit and wait 6 months and never hear back. Foreclosures you generally hear if your offers been accepted within 24-48 hours.
I recently bought a foreclosure with an FHA loan. I had heard mixed things about the condition of the home. Some people told me even the smallest thing like missing switch covers means you cant get the loan. I'd also heard if there arent working appliances, the roof doesn't have at least 5 years and several other factors can cause problems.
I used bank of america. My house was in rough shape, no appliances, needs new roof, etc however none of this was a problem. I think my lender has been working with the fha underwiter for a long time and b/c of that shes easier going. I've heard mixed things though so not really sure whats true.
I found chase more difficult to deal with, I love b of a although I've heard other people have gripes about them. I know a couple people who went with wells fargo who are happy. If you are still shopping around financing wise check out loanhomeonline.com/findamortgage.
- Anonymous10 years ago
1-3 business days for a response, and they will respond with a counter offer unless you offer is full price.Source(s): RE Broker