Frustrated with only owner occupants first 15+ days

[Kel S]

We've lost out on a good number of houses because of the banks putting restrictions on investors putting in offers for the first 15-30 days on foreclosures. I understand why they do this and of course it probably helps to get owner/occupants in the houses but boy is it frustrating for investors like myself and unfortunately I don't see away around it.

Do you all see a lot of this as well where foreclosure listings say owner/occupant offers only for the first 15-30 days?

[Russell Monson]

I have been looking almost exclusively at FNMA Homepath properties in my market for the past few months and have had a number of properties that I was interested in go to owner occupant buyers during the First Look. However, even if they were taken by an OO buyer I still made offers on them anyway betting that some of them wouldn't close and FNMA would come back to me as a back up offer. Sure enough after a few offers that didn't work out one of the OO buyers cancelled, and FNMA offered the deal to me. My docs will be at title tomorrow!

I'm super excited because the property cash-flows well, and I was able to qualify for the 10% down FNMA Homepath financing, which, as you might expect makes my cash-on-cash & ROI numbers work great. (I also was super lucky and have it rented prior to even closing).

I'm sure this won't work in all areas or with all banks, but patiently putting in offers on these things is working well for me.

Good luck!