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How to buy foreclosures property with no money down ?

can really buy foreclosures property with no money down ?

5 Responses to “How to buy foreclosures property with no money down ?”

  • golferwhoworks:

    only if you get a VA or USDA rural development loan

  • David C:

    The first answer is correct, but make sure you get title insurance to protect you from tax liens… Its a common problem with foreclosed property.

  • David Z:

    No. 999 times out of 1,000 you need cash.

    Nothing is impossible but it is difficult to take advantage of foreclosures with no cash. the only way this will work is to find a property no one else has any interest in and in that situation you will be paying too much! So what is the point of buying a bank owned property if you have to overpay?

  • tommy:

    YES
    FORECLOSURES $1 HOME AUCTIONS STARTING NOW $1 bid auctions in your area. ACT now you could win TODAY http://www.foreclosurehouses.webs.com/
    Huge selection Foreclosure 30-50 below market vaule or less $1 Bid starts you off

  • coco:

    For How to buy foreclosures property with no money down

    Instruction:

    Step1
    You will still have to make an earnest money deposit, something like $100 – 1,000 is common, $500 is standard in most states (this money is not refundable, and basically it sets you up a reasonable amount of time to close on the property, you pass that date, the bank takes your money). Earnest money is not required for the transaction. It is simply a guarantee that you intend to fulfill the deal. And, with any Buy/Sell agreement properly written earnest money actually is indeed refundable.

    step2
    If you are a first time home buyer you can potentially utilize an FHA (Federal housing administration) Loan. You can purchase a property with “Zero Down,” zero closing costs, and it will more or less be tacked into the mortgage (and you’ll end up with .5 – 1.0% higher interest rate than market is yielding for your credit type). The property however must pass specific guidelines, you will not be able to utilize this financial product if this house is in need of repair (foreclosed homes and fixer-uppers are two separate things).

    step3
    Use a credit card. You can technically, (legal, but falls in the grey area) do credit transfers, but you will eventually have to pay off the credit card. This is usually done on an investment property after you have obtained the house and then sold it again at a profit to cover your total cost plus interest accumulated.

    step4
    Credit card rates are almost always much greater than mortgage interest rates. Experienced mortgage brokers and lenders can help you with 100% financing on any property including foreclosures whether they are bank owned, lender owned or government owned.

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