How do you go about buying foreclosed home?

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(0) | asked by: Murray Carter | share | 27 months ago | Report

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Ranna Fekrat
answer by Ranna Fekrat   |   Contact Me
answered questions: 2
The first and most important thing to do is find a Real Estate Professional who is familiar with forclosure properties. Next is to be prepared to purchase the property in it's as is condition.This sometimes causes the property to be non financable. The Banks will not allow you to make repairs prior to recording. They are also not prepared to perform any repairs the appraiser may require. Then there are Goverment Backed Loans through HUD (Housing Urban Developement).This provides you with a government backed FHA Mortgage at a low interest rate. This will only be possible if you are owner occupying the property. There is a time period you will need to use the property as your permanent residence. After the time has passed you will be able to refinance the loan into a conventional. Please do not hesitate to contact me with any questions, comments and or concerns.
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27 months ago  |   Report   |   share
Ranna Fekrat
answer by Ranna Fekrat   |   Contact Me
answered questions: 2
The first and most important thing to do is find a Real Estate Professional who is familiar with forclosure properties. Next is to be prepared to purchase the property in it's as is condition.This sometimes causes the property to be non financable. The Banks will not allow you to make repairs prior to recording. They are also not prepared to perform any repairs the appraiser may require. Then there are Goverment Backed Loans through HUD (Housing Urban Developement).This provides you with a government backed FHA Mortgage at a low interest rate. This will only be possible if you are owner occupying the property. There is a time period you will need to use the property as your permanent residence. After the time has passed you will be able to refinance the loan into a conventional. Please do not hesitate to contact me with any questions, comments and or concerns.
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Answer Helpful?
27 months ago  |   Report   |   share
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