Why does the REO Bank “seller” submit my purchase offer to MI (Mortgage Insurance) for review?
We have made an offer on a REO single family home in California. The bank has now submitted the offer to MI (Mortgage Insurance) for review. Why would a REO property need to do this?
Our offer is a cash purchase with no loans needed.
Thanks for your answers and information !
My fiance and I were not approved for a mortgage due to my bad credit (thanks to ex-husband). He was pre-approved for a mortgage on his credit and income, but only for 80K (he is 1099, therefore his AGI is much lower). Since I could not be approved, my income cannot be considered for a loan. So, my parents have offered to purchase the home we were looking at (their credit is impeccable) and rent to us on an rto basis until we are able to be approved. The home is an REO and listed at $ 108K. There is about $ 20K in repairs that need to be done before we could move in. The county website appraises the home at $ 158K. Are there loans available for a non first time homebuyer to finance the whole mortgage plus the repairs needed on an investment property? My parents would prefer not to co-sign (they were burned in the past).