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    5 Replies Latest reply on Oct 9, 2009 10:16 PM by adhdbuzowner

    realestate

    stevejohnson Newbie
      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?
        • Re: realestate
          AppleGraphics Adventurer
          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.
            • Re: realestate
              nivtx18 Newbie
              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.....
                • Re: realestate
                  adhdbuzowner Newbie

                  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 .
              • Re: realestate
                LUCKIEST Guide
                realestate, Welcome

                Go to Members page and share some info.

                Do you have a Lawyer??
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