MY QUESTION OF THE DAY
There are tons of foreclosers in my neck of AZ. I want them all. The question is, Do I still have to qualify for a loan before making a bid on the home? Or paying what the original owner has not paid in taxes and liens? Is that how buying forecloses work....Getting started on this shortly.
Alright, I know its kind of a dumb question, its a little difficult to explain foreclosers
to ones spouse when you dont really understand the entire process. Any help would be appreciated. Thanks.
Buying properties whose mortgages have been foreclosed, or about to be foreclosed can be problematic, and/or profitable. That's the trade-off. If you are willing to accept the work involved, you can create equity and opportunity.
There are few get rich quick shortcuts. It'll take work, and require that you acquire a general understanding in a short amount of time.
I suggest that you read as much as possible.
Do I still have to qualify for a loan before making a bid on the home?
On foreclosures, banks won't usually consider any offers that are not backed by cash or credit. Yes, you need to be pre-approved for a loan, or better have cash ready to close.
Or paying what the original owner has not paid in taxes and liens?
When a bank foreclosures, they become the owners. They set their asking price, and wait on offers just like any other seller. At closing, the seller (banker) will be responsible for any back taxes/liens, etc. UNLESS it is noted otherwise in your purchase contract.
Roger
Thanks, that was the confirmation I needed.