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Updated almost 10 years ago on . Most recent reply

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John Valence
  • Sunnyvale, CA
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Financing for distressed properties

John Valence
  • Sunnyvale, CA
Posted

Hello Everyone,

I have a very basic question:

I've decided to buy homes from distressed sellers (absentee owners, pre-foreclosure etc.)

Can I use a mortgage to pay for it, or do they always require cash for it.

If I take a mortgage loan with a bank, will they pay the seller?

What if the property has lot of damage e.g. fire damage? Do I need to pay for it all in cash?

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