“While it's always a good idea to get pre-approved for a mortgage before you start shopping for a home, it's even more critical when you're shopping for foreclosed properties. Even if you have stellar credit, some lenders won't make a loan on a distressed property,” Andy Tolbert, a Sanford, Fla. based real estate investor who specializes in foreclosed properties, said. “Other lenders will only offer a mortgage if the house is in decent condition,” Tolbert added.
“If your loan officer is willing to make a loan on a foreclosed property, find out what criteria the home needs to meet in order to qualify for a mortgage. You can expect the lender to allow cosmetic repairs, but be unforgiving of termites and other serious fixes,” Tolbert continued.
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About Andy Tolbert:
Andy Tolbert has been in the real estate industry for over a decade. She has been in the mortgage business since 1995, holds an active real estate license since 1998, has been training others for over six years and has personally been investing in real estate for nine years. Andy Tolbert’s specialty is investor financing and restructuring to maximize profitability and cash flow. She and her husband Tim have a combined 22 years of mortgage experience and owned their own FHA approved Correspondent Lender for almost six years. Andy Tolbert is founder and immediate past president of Investors Resource Center, Orlando. For more information on Andy Tolbert visit http://www.AndyTolbert.com.
