      
 Qualify Early with the Foreclosed Home Auction Preferred LenderPublished: Wednesday, July 29, 2009 Becoming prequalified by the preferred lender of the foreclosed home auction is critical to having your auction bid accepted and walking away with the foreclosure of your dreams. In fact, some auctions only allow financing through their preferred lender. All other buyers must pay cash for their Southern California foreclosures dream home. While buyers working with agents to locate foreclosures in the traditional fashion can secure financing from any lender, many real estate auctions limit the number of lenders bidders are allowed to use to speed the approval process and to help lenders make decisions about whether to accept certain bids. By limiting the number of lenders allowed to finance a home auction purchase, sellers know that these few lenders really do understand the business of foreclosures and how to get them financed. Foreclosure Prequalification is Fast and EasyPrequalification is important before the bidding starts because buyers need to know their outside bidding limit. As a buyer, you will want to know exactly how much house you can afford, so that when you are bidding you do not exceed your prequalification limit inadvertently. Getting prequalified through an auction house lender is much the same as carrying a prequalification letter from your home town bank. Find out from the auction house who the approved lender or lenders are. If there are more than one, talk to all of them to learn about their loan products, current interest rates and loan fees. Choose one to be your preferred lender and then provide them with the documentation you need to receive prequalification and/preapproval on particular homes. As with any lender, you will need copies of your W-2s and paystubs. Bank statements for the past three months are usually required, as is photo identification. The lender will likely have a checklist of documentation to bring; follow it exactly for fast approval. If there is something you are missing, perhaps a bank statement or a check stub, go directly to the source of the document, your bank or your employer and ask for a duplicate. While it may take a few days to produce, each of these organizations can get you a copy of the documents you need, if you ask early. Don't wait until the date your documents are due to ask for copies or you may be disappointed and miss out on the foreclosed home auction you have been planning for. Unless you are prepared to pay cash for your entire foreclosed auction bid, take the time to become prequalified in advance. Your bidding success depends on it. Other Recent ArticlesHome Buyer Tax Credit Extended Until April, 2010Category: Recent Articles Published: Thursday, December 10, 2009 The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. 57,000 Foreclosures Remain in California – Lenders Scheduling More Home AuctionsCategory: Recent Articles Published: Thursday, December 03, 2009 The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time. Southern California Foreclosures Still the Bulk of Home SalesCategory: Recent Articles Published: Friday, November 27, 2009 Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties. |
