Making an offer with the right mortgage product is so important it may cost you an opportunity when placing an offer on a house.
Most homes on the market today are bank owned or short sales and in most cases the properties are being sold As-Is. With that said, the sellers will do nothing or very little to correct the issues that may come up on the property inspection report; this may result in you not being able to obtain financing for the property. Banks realize this and when an offer is made on one of their properties with a mortgage product that might result in a dead end, thus making them lose more time and money, they simply look the other way.
What are banks and short sale sellers looking for? Besides cash offers which almost no financed offer can beat unless you offer much higher, the very next best thing is the FHA 203K mortgage. This mortgage will not only give you the purchase money you need to buy the house, it will also allow you to finance the fix-up cost all with the same loan/mortgage.
For more information and to search for properties all over RI visit: www.therealprogroup.com
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