5 months ago, me and my wife made an offer to a house that we fell in love with, but it was over priced, so we offered alot lower than the asking. for all u know, it was not accepted. Today, we dropped by the house, we saw a posted notice in the front door and we found out that the house is going to be auctioned in 3 weeks. Now, my question, Can we get a home loan for this auction home?? how much money down do we need?? i have good credit, we live in los angeles county, california. how much time do we need to wait to occupy the property?? PLEASE HELP! THANK YOU! =)
2006-11-28 18:45:24 · 6 answers · asked by Roger 1 in Business & Finance ➔ Renting & Real Estate
try contacting the current lender, see what you can get out of them.
2006-11-29 08:35:04 · answer #1 · answered by MaRitA 2 · 0⤊ 0⤋
You should talk to your bank to find out whether they'd be willing to do the loan in this situation. In some areas (i.e. where I'm at for one) it's very difficult to get a mortgage/home loan on a foreclosure sale because the money for the sale is due the day of the winning bid. Basically, here if you win, you've got enough time to run to the bank for a cashier's check. So many of the lenders are leary to loan out money on these properties because it isn't a sure thing that you'll have the winning bid.
Another thing you may want to do is to call whomever is handling the foreclosure sale. Its possible that you can put an offer in on this house before it actually makes it to the foreclosure sale. They may not be able to postpone the sale if you make an acceptable offer, so be prepared that things might move really fast. I really hope this works out for you and your wife. Good luck and keep us posted if you can. =)
2006-11-29 00:16:58 · answer #2 · answered by Sithein 3 · 0⤊ 0⤋
Yes you can get a loan on the property, what you will need to do is get a pre-qualification. That way if you would like to up the bid you know how high you can go. Also it is importatnt for you to find out what the procedures are of the bank like allowing you to view the porperty with an appraiser since an appraisal will have to be done. Also depending on how the auction is run that will determine how much money you will need to give them to hold the property. If you are looking for a fast pre-approval with great service and low rates feel free to log onto http://www.justgetaloan.net For further assistance feel free to contact me directly at 866 530 7300 or by email at jfreeman@justgetaloan.net
2006-11-30 07:10:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
certain it truly is accessible relying on the fairness position at your position of abode. in case you bypass over 80% of the non-public loan to fee, then you fairly will be required to have PMI. PMI now might want to correctly be tax deductible relying on how a lot you're making. you've to be sure no matter if it really is smart to bypass over 80%. sturdy success! CA Lender
2016-10-07 22:54:26 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Look into a hard money loan
2006-11-28 19:13:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go to your bank and find out first, then all is well go ahead
2006-11-29 06:00:25 · answer #6 · answered by pattibcacl 6 · 0⤊ 0⤋