Not sure you understand the foreclosure process. If you do, sorry if this is obvious.
1. If you are buying before the foreclosure has completed then conventional financing is fine. There really is little difference in the situation if the home has a loan on it that is in default (other then a motivated seller).
2. If you want to use conventional financing for a purchase at auction you are out of luck. Most (all?) auctions expect cash at the auction or in such a short time after you could not get a conventional loan set up in time.
3. If you are buying after the foreclosure has already completed then there will be no real issues again. Normal loan process assuming the home passes inspection.
If I missed your question then add some comments to clarify what you want to know.
Not sure you understand the foreclosure process. If you do, sorry if this is obvious.
1. If you are buying before the foreclosure has completed then conventional financing is fine. There really is little difference in the situation if the home has a loan on it that is in default (other then a motivated seller).
2. If you want to use conventional financing for a purchase at auction you are out of luck. Most (all?) auctions expect cash at the auction or in such a short time after you could not get a conventional loan set up in time.
3. If you are buying after the foreclosure has already completed then there will be no real issues again. Normal loan process assuming the home passes inspection.
If I missed your question then add some comments to clarify what you want to know.
Hi, I am new here...I have never bought a foreclosure, and I think that this is a great place for info, so here is my question (or questions)...
Has anyone used the foreclosure websites to find foreclosures? And if so are there any success or warning stories?? How is it possible for those prices to be real?? Some of them seem ridiculously cheap and sort of scamish...are they the price that the house/condo/property are really selling for?
How do I go about purchasing this property? I understand that there are different parts of the foreclosure process and if someone is in the first stage than they still have the opportunity to get out of the foreclosure, but what if it states that it is real estate owned? Then what??
I would really appreciate your comments and feedback, even if you would touch on things that I may have missed. Me and my husband have some equity in our home that we have not used, and pretty decent credit scores. We were hoping to invest this money in real estate wisely, and what can I say, I am a bargain shopper so I know how to get a designer dress for 75% off, but not a house. I really need some help in this area. I know that nothing beats experience, but I also feel that a good knowledge of what you want to do and how to do it helps.
Hi, I am new here...I have never bought a foreclosure, and I think that this is a great place for info, so here is my question (or questions)...
Has anyone used the foreclosure websites to find foreclosures? And if so are there any success or warning stories?? How is it possible for those prices to be real?? Some of them seem ridiculously cheap and sort of scamish...are they the price that the house/condo/property are really selling for?
How do I go about purchasing this property? I understand that there are different parts of the foreclosure process and if someone is in the first stage than they still have the opportunity to get out of the foreclosure, but what if it states that it is real estate owned? Then what??
I would really appreciate your comments and feedback, even if you would touch on things that I may have missed. Me and my husband have some equity in our home that we have not used, and pretty decent credit scores. We were hoping to invest this money in real estate wisely, and what can I say, I am a bargain shopper so I know how to get a designer dress for 75% off, but not a house. I really need some help in this area. I know that nothing beats experience, but I also feel that a good knowledge of what you want to do and how to do it helps.
Not sure you understand the foreclosure process. If you do, sorry if this is obvious.
1. If you are buying before the foreclosure has completed then conventional financing is fine. There really is little difference in the situation if the home has a loan on it that is in default (other then a motivated seller).
2. If you want to use conventional financing for a purchase at auction you are out of luck. Most (all?) auctions expect cash at the auction or in such a short time after you could not get a conventional loan set up in time.
3. If you are buying after the foreclosure has already completed then there will be no real issues again. Normal loan process assuming the home passes inspection.
If I missed your question then add some comments to clarify what you want to know.
John
[addsig]
Not sure you understand the foreclosure process. If you do, sorry if this is obvious.
1. If you are buying before the foreclosure has completed then conventional financing is fine. There really is little difference in the situation if the home has a loan on it that is in default (other then a motivated seller).
2. If you want to use conventional financing for a purchase at auction you are out of luck. Most (all?) auctions expect cash at the auction or in such a short time after you could not get a conventional loan set up in time.
3. If you are buying after the foreclosure has already completed then there will be no real issues again. Normal loan process assuming the home passes inspection.
If I missed your question then add some comments to clarify what you want to know.
John
[addsig]
Hey John,
Thank you. Yes I do not understand how the foreclosure process works. Your answer helped me to better understand part of the process.
Where can I go to get additional info as far as how the process works, besides posting a message and feeling stupid?
Thanks
Hi, I am new here...I have never bought a foreclosure, and I think that this is a great place for info, so here is my question (or questions)...
Has anyone used the foreclosure websites to find foreclosures? And if so are there any success or warning stories?? How is it possible for those prices to be real?? Some of them seem ridiculously cheap and sort of scamish...are they the price that the house/condo/property are really selling for?
How do I go about purchasing this property? I understand that there are different parts of the foreclosure process and if someone is in the first stage than they still have the opportunity to get out of the foreclosure, but what if it states that it is real estate owned? Then what??
I would really appreciate your comments and feedback, even if you would touch on things that I may have missed. Me and my husband have some equity in our home that we have not used, and pretty decent credit scores. We were hoping to invest this money in real estate wisely, and what can I say, I am a bargain shopper so I know how to get a designer dress for 75% off, but not a house. I really need some help in this area. I know that nothing beats experience, but I also feel that a good knowledge of what you want to do and how to do it helps.
Hi, I am new here...I have never bought a foreclosure, and I think that this is a great place for info, so here is my question (or questions)...
Has anyone used the foreclosure websites to find foreclosures? And if so are there any success or warning stories?? How is it possible for those prices to be real?? Some of them seem ridiculously cheap and sort of scamish...are they the price that the house/condo/property are really selling for?
How do I go about purchasing this property? I understand that there are different parts of the foreclosure process and if someone is in the first stage than they still have the opportunity to get out of the foreclosure, but what if it states that it is real estate owned? Then what??
I would really appreciate your comments and feedback, even if you would touch on things that I may have missed. Me and my husband have some equity in our home that we have not used, and pretty decent credit scores. We were hoping to invest this money in real estate wisely, and what can I say, I am a bargain shopper so I know how to get a designer dress for 75% off, but not a house. I really need some help in this area. I know that nothing beats experience, but I also feel that a good knowledge of what you want to do and how to do it helps.