How To Buy A Foreclosure Home?

[eskyvest]

I know that your time is valuable, so I'll get right to the point.

I need your advice!

I'm putting the finishing touches on a new course called "How To Buy A Forclosure Home", and want to make sure that I don't leave anything out.


So, will you let me know your biggest question about Foreclosure Homes? It could be anything... even if you think it's silly.


All you have to do is type your question in the little box below and click submit. In exchange for your advice, you'll enter a drawing to get a free copy of our new course before we release it to the market. (Should be ready in a few weeks.)

"What's Your Biggest Question About Foreclosure Homes?"


Thanks for your input.

[MikeAustin]

What are some tips when buying foreclosures? Can anyone qualify to buy foreclosed properties?

[Dbakes]

Are we talking about homes at the auction or pre-foreclosures? First off you need to make sure you have approved financing and a budget that is easily manageable. Also you need to make sure you're buying a home in the condition that you can afford to make any fixes. Something regardless of the way you decide to buy a home, you want to pull your credit a few months beforehand and discover any blemishes that could effect you. If there are things on your credit that will prevent you from obtaining a loan, you need to contact a company like mine (mine preferably!) and get them deleted or corrected so they are accurate.

If you have some cash saved up and 90 days for credit repair is not time you have due to whatever factors, then you can obtain a hard money loan from a private investor. They require you to usually have at least 30% down and will charge you a very high interest rate. They will also require you to refinance out of the loan within a couple of years typically, so they can get paid. So making sure your credit is in top shape will still need to be on your priority list.

Hope this helps!

[ronniethoss]

How many payments can I miss before my lender puts my property in foreclosure?

[Danialves]

Its good to know that you are writing on this subject.I think for this topic you must add the following detail.Try contacting local banks in your area to find out what REO (foreclosed properties that the lender now owns) properties they have. If you qualify for a loan, I'm sure they'd be more than willing to talk to you about a property you are interested in.

[eskyvest]

Thanks for your inputs. If anyone else have question about how to buy foreclosure, please feel free to post them here.

Thanks again

[ronniethoss]

Thanks for the suggestion I really appreciated it.

[panamahomes]

Hi there. Thanks for all the advice. You answered some of the questions I had already, wonderful. If there is any real opportunity in real estate right now, is in the foreclosure market.