Buying A Bank Foreclosure
by Jennifer in Decatur, Alabama USA
Ask Kate about buying a bank foreclosure and PMI approval: Hi Kate, My fiance and I just recently put in an offer on a foreclosure house. It has been about a week and a half now. The seller finally sent the listing agent an e-mail saying they were waiting on a PMI approval. Does this mean that they accepted our offer? How long does it take to get a PMI approval?
Kate Answers: Buying A Bank Foreclosure
If only I could wave a magic wand over the process of buying a bank foreclosure for you.
Waiting on the bank to accept the offer creates anxiety. Then throwing PMI approval into the mix tops it off.
So I applaud you for seeking answers to better understand the process.
When a home buyer has less than a 20 percent downpayment, private mortgage insurance is required. To obtain coverage, the home buyer needs to be approved by the PMI provider.Has the bank accepted your offer pending PMI approval?
Oh... I really don't know. Banks are hard to predict because they do not have the emotions driving their actions like a private seller does. Generally when the bank says they are waiting on a PMI certificate, it means until you can demonstrate the approval, they won't commit.
This is part of the process I referred to earlier if you are buying a bank foreclosure.How long does it take to get PMI approval?
I have seen PMI approvals take merely minutes and others up to a few weeks. Some of that depends on the home buyer's credit package but the time frame is also dependent upon the volume of PMI applications.
I wish you the very best in your pursuit of buying a bank foreclosure. I have also included my Guide to Private Mortgage Insurance at the bottom of this page. Be sure to check it out. You'll feel like you hit a gold mine!Click here to comment on Buying A Bank Foreclosure
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If you still have questions regarding buying a bank foreclosure or PMI approval, write me at Ask Kate
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