Financing the Real Estate - Father Time® Real Estate Auctions
Compare Bank Rates and Get Pre-Qualified for a Mortgage
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To get the most out of your Father Time® real estate auction experience, we recommend you maximize your buying power prior to bidding and have your financing securely in place.Get Pre-Qualified
This can be done even before you have a specific property in mind. Knowledge of mortgage financing qualifications will help you determine the amount you’re able to pay for any property, increasing your comfort level and allowing you to bid with confidence.
Review your credit report. 5 Factors That Determine Credit Score
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, read more.
Did you know that you are entitled to one free credit report every 12 months from each of the three credit bureaus? AnnualCreditReport.com is a FREE service that will allow you to pull reports from Experian, Equifax and TransUnion. It is important to look at all three agencies and to review each report for accuracy. It is not unusual to find a mistake or incorrect information.
If you plan to use financing to purchase your real estate investment, it's a good idea to get pre-qualified by your preferred lender.
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Here are some resources to get you started and are provided as a public convenience only.
Typically, you will have two weeks to 30 days to close. The first thing you want to do is make sure your lending source will be willing to lend you the amount of money you will want to buy the property for at auction. You don't want to wait until after you make the winning bid before you obtain approval for a mortgage loan.
Buying a house at auction is quite different from buying a house the conventional way.
Here are some key differences:
- There are no contingencies. You cannot simply withdraw the winning bid because you cannot get a mortgage or you cannot sell your current house in time.
- If you back out, even for a good reason, you could be liable not only for the earnest money (usually a percentage of the high bid in most Father Time® auctions), but also for damages which are clearly stated in the signed contract you were required to sign on auction day.
Learn more:
Call for a free assessment 314-962-4200 or write FatherTime® at sold@fathertime.com
Home Office:
Rick Bauer, Auctioneer, AARE, CES, Realtor, GRI, CDPE, CRTS, CAGA
Paul Roesch, Auctioneer, AARE, CES, Broker,CDPE. CAGA 618-407-8479 cell
Father Time® Auctions
2850 Lawndell Drive
St. Louis, MO 63144
314-962-4200 office
314-614-3841 mobile
314-962-2573 fax
rbauer@fathertime.com
www.fathertime.com
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