Buying a BANK OWNED Home with 3% Down!!!! :)
If you have been an FHA Buyer in the San Francisco East Bay, looking to purchase a property the past nine months, the process for buying a home has been very difficult. Most bank owned homes will not consider FHA offers; they are only selling to Conventional (20% down) or all cash/investor offers. WHY? Because they can!!! There is so much interest in the investment community to purchase entry level homes at 1999 prices. It is not uncommon to have 8-30 offers come in on a home. In addition, inventory is extremely low. (See Shadow Inventory blog below)
This blog will not offer a solution, but offering some humor. :) The below video, although some “tongue –in-cheek” does characterize the journey of an FHA Buyer…
http://www.youtube.com/watch?v=SM7oWKgCVo4&feature=email
Hi Elaine… I think this was a well thought out and relevant blog… touche’ to you for keeping it to the point and brief… Thanks Elaine!…