is it possible to get REOS with FHA financing in the Bronx?

Question

Christopher Makestas · Answer

@Kevin Drouillard Good luck finding someone to shadow. If u happen to land something of that nature if u remember, keep me posted! Curious how others are breaking into the scene. Im looking to do something similar here in Fort Lauderdale. From what I've been hearing and reading, you'll need to offer something and it sounds like your willingness to work for your education could be the ticket. Anyhow, hope ya find a gig that works. Cheers.

Kevin Drouillard · Answer

@Ceasar Rosas , thanks for helping clarify. I didn't know the little bit about them coming on the market at market value. That adds to the notion what many say that REOs are not necessarily good deals. I've signed up for Homepath a while ago, so at this point, I'm waiting for something to come up. Do you know if foreclosure.com is any good too?

Ceasar Rosas · Answer

@Kevin Drouillard

It is not impossible to get REO's with FHA financing. You will be a bit more limited, but it is still possible. The reason I say limited is because if it is an REO extensively damaged or being sold subject to occupancy you can't really use FHA and it will likely be bought by a cash buyer. Some REO's come on the market to retail buyers for the 1st few days, then it's offered to the entire market. An example is Homepath properties. They also sometimes offer incentives for closing costs and such if you take a little course from them. Keep in mind many REO properties are coming on the market at market value, so you must definitely do your due diligence.