Do banks finance foreclosures?

If we were to purchase a foreclosed home could we finance it?
(1) | asked by: Donna Paul-Leffler | share | 35 months ago | Report

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answer by King Realty   |   Visit My Website   |   Contact Me
Yes banks do finance forelosures - prior to amking an offer on a foreclosure you should get preapproved with a lender for the bank to consider any offer.
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31 months ago  |   Report   |   share
answer by Cristine   |   Visit My Website   |   Contact Me
Yes, any mortgage lender is able to find financing for a purchase whether it was a foreclosed home or a standard sale is not a factor unless it is in bad repair. Please feel free to call or email me and we can explore in more detail what you are hoping to do. Warm regards,
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32 months ago  |   Report   |   share
answer by Loan Expert   |   Visit My Website   |   Contact Me
Hello Donna, Yes, in fact my bank will finance a foreclosure if you plan to occupy the home as your primary residence. Our loan program will not only provide funding to purchase the home but also provide the funds necessary to make repairs and updates! If this sounds intersting to you please repsond to this email or give me a call and we can explore your options. Bill Cargill
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34 months ago  |   Report   |   share
answer by Craig smith   |   Visit My Website   |   Contact Me
Absolutely! The only thing you need to be aware of is the condition. If the home has been abused the lender may want corrections before lending. Typically this will be reported by the appraiser.
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34 months ago  |   Report   |   share
answer by Sally Grenier   |   Visit My Website   |   Contact Me
Of course! Some loan program may not be available if the property is in very poor condition (i.e. FHA doesn't want to see plumbing or roof problems, and there needs to be functioning appliances, etc.) I'd be happy to assist you in your search. Keep in mind that foreclosures aren't always a great deal. Most bank owned properties are listed at "fair market value".
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34 months ago  |   Report   |   share
answer by Todd Kevitch   |   Visit My Website   |   Contact Me
Yes, you can finance a foreclosure but it depends upon the condition of the property.
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35 months ago  |   Report   |   share
answer by Cheryl Talbot   |   Visit My Website   |   Contact Me
Yes, you can finance a foreclousure. There are conditions that have to be met though. Let me suggest getting with a Realtor first to discuss what and where you are trying to buy. Then get with a lender. They will tell you what the ins and outs are of buying a foreclousure. Thanks
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35 months ago  |   Report   |   share
answer by Robert Hughes   |   Visit My Website   |   Contact Me
Yes, most likely unless the condition is too significant. The foreclosing lender may offer financing as well as if you qualify for any special financing Good Luck to you, Rob Hughes-Long and Foster Real Estate INC.
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35 months ago  |   Report   |   share
answer by KC Butler   |   Visit My Website   |   Contact Me
Yes they do IF the property is in financable condition. Occasionally the bank that has foreclosed even offers special financing themselves. Let me know if you would like a list of bank owned properties to consider.
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35 months ago  |   Report   |   share
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