Florida Home Buyers and Investors Blog

You would think in this environment REO property owners would be happy to get anybody interested in their mold filled handyman special.  Alas, all is not well.

REO sellers are very picky on who buys their properties.  Huh? you ask, why would they be picky?

Well, it's not the buyer, is the type of financing.  Buyers should remember that homes without a kitchen or appliances, DO NOT qualify for FHA or any other Government backed loan.

It's hard enough finding qualified buyers, but to limit the playing field even further is going to make matters worse.

Buyers also need to be aware that lenders are not only looking at the buyers ability to repay and the homes value to market, but they are also looking at the strength of the Home Owners Association, as most homes in Florida are in one.  Weakness in their financials can kill the financing.

So, as we can see, even the best buyers can have difficulty obtaining financing, and the great deals are still going to CASH buyers with no conditions and quick close.

if you have any questions, give me a call.  Advise is always free.