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@anonymous in Texas - if buying a foreclosure, yes you will need to pay any closing costs. However the taxes will be credited to you for the months before you close (i.e. Jan, Feb. March) Then at the end of the year you will need to pay for this year's taxes. Since property taxes are paid in arrears.
Step #1- Talk to a Mortgage Professional and get Pre Qualified. Below is a list of documents that you will need to provide the loan officer:
• W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
• Copies of at least one pay stub for each person signing the loan.
• Account numbers of all your credit cards and the amounts for any outstanding balances.
• Copies of two to four months of bank or credit union statements for both checking and savings accounts.
• Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
• Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
• Copies of your most recent 401(k) or other retirement account statement.
• Documentation to verify additional income, such as child support or a pension.
• Copies of personal tax forms for the last two to three years.
If you need a referral for a mortgage professional in your area, just let us know. -Richard and Janine Kirchnavy
if the double wide on a piece on land is owened by the goverment and is asking $60,000 do i have to pay the closeing cost and taxes myself? i am in texas
First is to find an agent that is specializing in Foreclosure, have money in the bank or get pre-approved with the lender, and understand you are buying As IS, if you are buying condo in Chicago maybe you will need to pay 6 mo of the back assessments, and some extra fees... Good luck. Let me know if I could help with my 15 yrs of RE experience, and with my many Short Sale, REO and Foreclosure practice and designations....
First, get pre-approved by a lender unless you are a cash buyer or investor so you know how much home you are qualified to purchase - then give me a call, give me the address and we can set up a time to check it out..I can also send you more available homes in the area in the price range you are approved for that may not need as much work - but the first step again, is to know how much you can borrow and get pre-approved...
Get with your local bank to see what you qualify for in a home loan. If they can't assist you they will certainly be able to tell you where to go to find a home loan. You do need to get with a lender first to determine what you can buy. thanks
Look at every similar home that has sold in the neighborhood over the past six months to determine comparable sales. Currently the real estate market is extremely volatile and values drop or stabilize every 6 months. The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural. When banks value their foreclosures for sale, they use a number of variables including third party bpo's, comps and statistics to arrive at their number. Generally these third party values will not go any further than a 1 mile radius around the property, you should do the same. If you see a foreclosure for sale in the neighborhood that is $100,000 less than the closest comparable, you can expect it to be heavily damaged or deteriorated. Deep reductions are a thing of the past. A short sale (where the owner of the property is selling the home less than the mortgage amount to avoid foreclosure) is your best bet of a deep discount, however a short sale comes with its own set of problems. Remember that cash is king, and that many foreclosures (due to common damage or missing appliances) wont qualify for certain types of financing.
Buying a foreclosure is similar to buying any other property except that you are dealing with a bank as owner and some of the usual seller expenses are deferred to the buyer such as paying for a survey, de-winterizing, etc. Bank owned properties are sold "as is" which means you need to do your due diligence. Let me know if I can help you!
First you'll need to get pre-qualified then get a realtor to assist you. Do you know what area you would like to purchase your foreclosure property?