No Money or little money down foreclosures. HOW?
Hey everyone, I wanted to know if it is possible to buy a foreclosure with just 10% down (the amount that is due at time of sale), leave with a note or something from the sale and get a loan with bad credit to pay off the foreclosure before the usual 30 day due date to fix up the property.
If this is possible please let me know.
Is this possible??????
I would like to know too
COREMEGA2002,
If you are talking about a foreclosure sale auction type with a 10% down of your maxim bid amount at auction opening, then to my knowledge you can not.
How did you come about this thought?
[addsig]
COREMEGA2002,
Most foreclosure auctions that I am aware of require payment IN FULL before you even leave the auction area!
If the property you are considering is abandoned (owner split town), then you might be able to approach the lender with an offer to purchase. However, most states require an auction before legal ownership of the property can be transferred to the lender! You need to look into your state's particular laws regarding abandoned property.
Who knows? Maybe the previous owner did a Deed in Lieu of Foreclosure with the lender. This would give the lender legal ownership of the property and thus the right to sell it to whomever they chose. They just might accept a 10% down offer and finance the house for you. They might even be willing to finance a modest home improvement loan for you. There's a saying in REI I want you to become familiar with: "Don't ask, don't get".
There are any number of ways to proceed, including bringing in partners with the dough to help you out or someone with better credit to get the financing lined up.
Keep reading the posts here on TCI. You'll gain some incredibly valuable insight as you study and learn.
Hope this helps.
[addsig]
Quote:
"Don't ask, don't get".
I like that!
Thanks guys I reall needed to know that.
Are there any ways that a beginning investor could go into foreclosures.
Call the trustee listed in the lis pendens, they can answer that question. I
n my state, the Commonwealth of VA. You only put down your 10% and have anywhere from 10-20 days to close. I guess they don't want a bunch of people with hundreds of thousands cash hanging around the courthouse!
Good Luck!
-Clint