Housing is freaking expensive these days. We're virtually homeless right now (living with my parents) because of it. I have heard, however, that buying a foreclosed home is a good way to get a cheaper deal. I've also heard that you have to pay cash for them. Is there any way to get a loan for a foreclosed home? How do you find them? Would you work with a realtor? Please respond. It makes me sad when I dont' get answers. I don't like being sad.
Try this website: your home state, and it'll show you all HUD repos in your area. You are NOT expected to pay cash. And, loans are available - even ones which help you fix the home up. BUT, (there's always a catch) you have to have decent credit. HUD is more lenient that some lenders, but they never loan to anyone with bad credit! The HUD page also offers to match you up with a Realtor in your area, who handles repos, and will "walk" you thru the process. The Realtor can brief you on credit requirements, as well as other unique details to buying a HUD repo. Be careful! There are lots of AWFUL ways to purchase a house. And, if you are "virtually homeless", you might be vulnerable to scoundrels. Be sure to run the information by someone you know and trust -- and who understands the real estate game - before you sign anything.
Forclosures are not always cheaper! I would check out and of course MLS through your Realtor. Timing is everything! You do not need to pay cash, in fact most of the time they will even pay the closing costs. You can usually purchase the home with a conventional or Alma Loan. FHA Loan would probably be pushing it because these homes are sold as is. If there where 2 offers and one was FHA and the other was a conventional the bank (Seller) will go with the conventional because it not so much of a hassle for them. Most of the time they will also not counteroffer unless the home has been on the market for a while. Good Luck
You can purchase one through a county auction (obviously through the county in which the house is located.) You can go online to find out WHEN said county will have their next auction. Try looking at the following sites for additional info. (By the way, I totally feel your pain on the whole buying a house thing. I'm very interested in doing what you are trying to do, too!) If the following sites aren't enough, or not quite right, just Google the phrase "foreclosed homes." You'll have more sites to look at than you wanted! Good luck!
Banks are the best Realitors (so to say) when it comes to Forclosed homes, because the bank is usually the one who made the home that way. Someone could not pay their mortgage so the bank takes back the house. Now all you need to do is talk to the right person at the bank and they will give you a list of cheap Forclosed houses. I hope this helps, aswell they should give you a loan to, and no you don't have to pay all of the money up front.
Well, we would not like for you to be sad. LOL. A foreclosed home belongs to the financial institution that holds the note on it, be it a bank or mortgage company. I am sure there are sources that suggest they can direct you to forclosed properties, but usually for some membership fee, and alot are scams. I would start by picking out a reputable bank in your town and simply go in and ask the manager how you could begin to realize the local market of foreclosed properties. If they do not handle them in house directly, they would be the best source to refer you to a reputable source. Good luck.
Well there forclosed because of BAD payments the bank selling it just wants balance owed most times ,,i pay cash but w/enough down you may get another bank to refinance maybe ! if its in pretty good shape ,,,,, and you can offer a lower price than asked banks are in the loan biz not realastate
Here is the foreclosure bargain-finding procedure:
Goo to and look at the buying section
Get a loan
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