As I am a first time home buyer , I don't have too much of capital to invest,as you may have guessed it. However, I am considering various options that I can avail as a first time buyer therefore foreclosure was one of the options to consider. I am currently looking in Santa Clara County in Bay Area, California
Thanks
2007-01-21 15:43:23 · 5 answers · asked by jay s 4 in Business & Finance ➔ Renting & Real Estate
Oh boy, that is about the most expensive real estate in the country. But, here goes... Foreclosure property is property that has been taken over by a lender because the buyer did not pay the mortgage. Most all lenders have some, and they would like to get rid of it because their business is lending money, not running real estate. So, go to some lenders and ask about their Real Estate Owned department. Most such properties require a fair amount of fixup before they are habitable; if you can convince the REO people that you can and will do so, that's worth points. Because they are interested in getting rid of the stuff, you may find a decent deal.
2007-01-21 15:57:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, it may be difficult to purchase a foreclosure without a lot of capital. First I would get approved somewhere and see how fast. If you attend a foreclosure auction you will need the money right then.
Consider purchasing an REO from a bank- meaning a foreclosure that has passed auction.
They might finance it for you.
2007-01-22 09:21:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Find yourself a Realtor who is familiar with foreclosures in your area. Since you are just starting off, go easy. Buy the properties that have already been through the foreclosure process (we buy properties at the foreclosure auction--not for the faint of heart). You can make a significant amount of money when buying and living in a distressed home. Of course, you will have a lot of work ahead of you, but it will be worth it.
Best of luck
2007-01-21 15:49:48 · answer #3 · answered by David 3 · 0⤊ 0⤋
Before you by a foreclosed property,have it appraised and make sure that you can pay the mortages,taxes and maintenance.
Keep in mind that someone else owned that property and he or she lost the shirt on the deal,and if the sale does'nt cover the mortage and legal expenses,he or she is still responsable for the balance.
2007-01-21 15:55:40 · answer #4 · answered by domedweller2 3 · 0⤊ 0⤋
If you like sucking the blood of less fortunate people maybe you should be considering law school?
2007-01-21 15:47:18 · answer #5 · answered by Jason 6 · 0⤊ 2⤋