We are renting a house that has been filed for foreclosure. What do we need to do in order to purchse the house or do a lease purchase on it with ban

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(0) | asked by: Nichole Powell | share | 30 months ago | Report

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answer by Angela Seymour   |   Visit My Website   |   Contact Me
The first thing you want to do is get a CMA (Comparative Market Analysis) done by a qualified Realtor (no charge or obligation involved) to learn the value of the house so that your offer is in mind before you contact anyone to purchase or lease purchase the home. The foreclosure process is quite lengthy and complicated in Florida, so you really should be sure to have a Realtor or a Real Estate Attorney assisting you in that process. You should be very cautious entering into any lease purchase on a foreclosure property - you wouldn't want to end up with the property being foreclosed on and your lease purchase money forfeited as a result. Good luck to you and I hope you are successful with the property.
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answer by Pamela Henry   |   Visit My Website   |   Contact Me
If you know the lender that foreclosed you might try contacting their customer service department directly for guidance...Since you live in the home hopefully you know of any defects that might cost money in the future. Most of the banks that are foreclosing put the properties with Realtors pretty quickly so having an agent on board to investigate that avenue is wise...Also pre qualification letter from a lender for the amount you plan to pay will speed up the process...your Realtor can assist with lender's if you do not already have a lender.
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answer by Loan Expert   |   Visit My Website   |   Contact Me
Hello Nichole, I would suggest you take a 2 prong approach. First, determine what stage of foreclosure the house is in ... a realtor would be a big help here. The other part of the buying process is getting prequalified for teh right type of loan. As usually foreclsures need repair, I would recommend you get prequalified for a FHA 203(k) loan. This loan allows you to purchase the home and obtain funds for repair in the same loan. If you would like to leran more about this type of loans and get prequalified please click on "Contact Me" and I will be happy to assist you.
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answer by Charles Chorman   |   Visit My Website   |   Contact Me
Hi Nicole, Some good advice. You might want to consider interviewing 2 or 3 real estate agents with experience in working this type of transaction to work with you during this process. Their service won't cost anything. The first step though should be to get pre-approved from a lender such as a credit union or bank for the purchase. Then pursue your purchase. Good luck.
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answer by Gregg Pechmann   |   Visit My Website   |   Contact Me
Hello Nicole, Is the property listed as of yet? if so, ask the realtor if you can put a contract on it. But first, get preapproved so you dont put yourself in a bind. If it is not listed, you can go down to the courthouse and find out who the lender and/or the attorney is who is handling the foreclosure & make contact that way. Hope this helps. Gregg
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answer by LANCE SHERIDAN   |   Visit My Website   |   Contact Me
What part of the foreclosure process is the home in.
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answer by LANCE SHERIDAN   |   Visit My Website   |   Contact Me
What part of the foreclosure process is the home in.
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answer by John Breen   |   Visit My Website   |   Contact Me
Hey Nichole, That's a great question for your realtor. I'm sure he/she will contact a real estate attorney and get his/her opinion. Good Luck and Happy New Year!
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