Gut, it sounds like you have a very knowledgeable and caring realtor. That is half the battle! Purchasing a home under foreclosure has its advantages and disadvantages. The advantage may be the price, however how much money would you have to put into it to be livable, some can be in very distressed conditions because the former owners did not have the funds to update/maintain and have nothing to loose and just walk out. They may owe more than the mortgage balance, so they don't have any choice, which is sad.
The long closing process always baffles me. You would think the lender would want a quick closing, however it needs to be approved by so many people, it takes so long.
Sometimes when comparing a home under foreclosure and one that's not that may be a little higher priced, it is more to your advantage to choose the latter, because of the costs of repairs, that the first home may need. Hope that makes sense.
You are a great client in the eyes of realtor, you do not have a home to sell which hinders alot of transactions.
Also a home that's for sale, not under foreclosure, the people may be able to close quicker, they may be wanting to purchase something else and would be willing to accept a reduced offer for a quick closing.
So many things to take into consideration! As far as mortgages, the US feds kept the rate low today and are at the lowest average in 30 yrs. I've been in this crazy business for many years. Although an adjustable rate mortgage is a good deal in Canada, the fixed rate in the U.S is a great deal!
Don't worry about knowing nothing, professionals are sensative to that and deal with it everyday.
You can PM me with any questions any time.
Praying to the Patron Saint Anne who was the mother of the Virgin Mary, grandmother of Jesus, whose patronage is:
Patronage carpenters; childless people; equestrians; grandparents; homemakers/housewives; lace makers; lost articles; Fasnia(Tenerife); miners; mothers; moving house; old-clothes dealers; poverty; pregnancy; seamstresses; stablemen; sterility; turesesners