Buying foreclosure home as a first purchase
Hi All,
I am new to the real estate world and have a couple questions regarding foreclosures:
1. Im currently reviewing foreclosure lists provided by our county site. Ive seen a handful of homes that look in great shape and assume maybe the seller just found themselves in a bad financial situation and can not keep the home. A couple of these homes look so great i would want to purchase one for my first residence.
What is the recommended method of offering payment for such a house if it were on MLS or not? Would i be able to put 10%, 20% down and then work with a traditional lender to handle the rest? Would i have to put significantly more than 20%?
2. What would be my options to identify all liens/financial obligations? Is the seller obligated to note these if any?
Thanks in advance.
Most Popular Reply
If it is financeable, get a traditional mortgage. If it needs too many repairs to finance, you will need cash. Either your cash, hard money cash, or private lender cash. Make an offer and try not to fall in love with the property. It's just a house. There is one on every corner.