I am young would like to buy my first piece of property, and I have been advised that I should be doing this by buying a forclosure property. I don't want to go through any of those gimics that you see on TV, I just want to buy a regular house that I can live in, then rent out when I have more money to spend on something. Can someone tell me the best way to find out about finding out and buying these properties, do you do it directly through a bank? How is it done? I want to be able to finance the property, so I can't buy it outright unless it is really cheap. What should I do?
I am interested in buy in Southern California, and either buying a house or a condo.
2006-10-31 15:42:33 · 4 answers · asked by Rose 4 in Business & Finance ➔ Renting & Real Estate
The county has all the pre forclosures, listed every month.....You may find some spectucular deals, if you can contact these people and make an offer.....Just make sure to have your financing in place, because you will need to do a fast closing.....
2006-11-01 05:46:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can a lot of research on line these days.
Here are 2 links to start a proper research. They should be an excellent place to start:
http://www.governmentauctions.org
http://www.foreclosures.com/lists
These sites have nationwide properties featured. Also, talk with some of your local realty friends to learn more & the best way to finance in your purchase area.
General rule: Most properties are cheaper if you go to the present day owners first, if the bank has not started the final stages to take over the property.
2006-10-31 16:05:03 · answer #2 · answered by E. Marie G 2 · 0⤊ 1⤋
Find a Realtor who knows how to sell them. Get an appointment and ask him to explain the whole process to you. You then need to decide if you think they 1 - Know their stuff, and 2 - Are being honest with you. Missing either of these could end up costing you.
Good luck.
2006-10-31 15:50:12 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
sure you are able to typically receive a private loan on a foreclosed property. FHA does have some stiff criteria on those homes to guard you and themselves, so some homes received't qualify for FHA financing through their situation.
2016-12-05 10:09:45 · answer #4 · answered by deparvine 4 · 0⤊ 0⤋