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1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

5 Replies Last post: Oct 9, 2009 9:06 PM by adhdbuzowner

realestate

Mar 25, 2008 12:53 PM

stevejohnson 1 posts since
Mar 25, 2008

hi all, im trying to purcahase my first home and use for rental property. will a bank fianance me for a home in forclosure or do i have to come up with the ends myself? and if so what steps do i take first?

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AppleGraphics 66 posts since
Mar 1, 2008

1. Re: realestate Mar 28, 2008 12:45 AM

A bank will finance for a house in foreclosure however it is typically more difficult because most foreclosures require full payment within a week if not a couple of bid acceptance, and banks usually will not be able to accommodate this caveat. That being said there are banks out there that will be accommodating.

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nivtx18 2 posts since
Sep 5, 2009

2. Re: realestate Sep 5, 2009 6:05 AM

in response to: AppleGraphics

Hi, I have a related question,or one just about the same if you or anyone here has a moment.I'm in the process of applying for approval on a conventional home loan as this would be my first home.I'd like to know if it would be possible to buy an REO property with a loan like this from a lender and would it be possible to attempt to purchase from an auction if i've been approved from a certain amount by a lender?I'm hoping to buy it as an investment property.Another question,if I'm able to purchase a property that needs work will a lender include fix-up cost into the loan that would be needed to make the improvements on the propery?Thanks for any responses, cheers.....

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LUCKIEST 8,118 posts since
Aug 6, 2007

3. Re: realestate Sep 6, 2009 9:18 AM

realestate, Welcome

Go to Members page and share some info.

Do you have a Lawyer??

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nivtx18 2 posts since
Sep 5, 2009

4. Re: realestate Sep 7, 2009 12:28 AM

in response to: LUCKIEST

no I don't.I'm assuming you mean a real estate lawyer?

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adhdbuzowner 5 posts since
Oct 6, 2009

5. Re: realestate Oct 9, 2009 10:16 PM

in response to: nivtx18

Great going guys ..... Here in NJ we are just about at the bottom of the market and not all reos are winners be careful..There are great deals on REO etc. But most need repair. Get a great lawyer specializing in Real Estate..... Talk to there paralegals as they are the front line people ...Hint Hint if you can go to the bank that has the reo and use them to finance the loan that often helps with the process,,,,,,,contractor small buz owner and R/E investor here for 27 years........BTW i look on paper at 250 visit 50 bid on 3 maybe get one,,,,,,, Be patient if one deal falls thru move on and quickly .

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This Question is Possibly Answered

realestate

Mar 25, 2008 12:53 PM

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