Are down payments mandatory when buying foreclosed homes from bank?? If so are there are there anyways around it?
Buying from a bank, assuming you mean at auction, you would need to pay the ENTIRE cost of the property at closing. This is where transnational funding from hard money lenders comes in. Also, you will usually need to put up some cash (skin in the game) to even place a bid on the property. If this is what you mean by "down payment," then no, you wouldn't be able to get around that. You need to have your ducks in a row when buying at auction.
Are you talking about the "Earnest Money Deposit", or a down payment if you were getting financing? If it's the Earnest $ deposit, then I have always had banks ask for an earnest $ deposit when getting their property under contract. So I don't think there is any way around that... from what I have seen.
Thanks!! I was afraid so. And yes I was talking about earnest $$ but Im soaking up info from all responses!! @Bret and Jordan You guys ROCK!! :)👌👍 and thanks again.
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