How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
2007-05-21 14:34:00 · 3 answers · asked by babiiprycess 2 in Business & Finance ➔ Renting & Real Estate
Buying a foreclosure from a lender is generally the same as buying a conventional purchase, except that they are nearly always sold 'as is' by the lenders. A thorough inspection is recommended, either professionally or by trusted friends who know what they are doing.
You are expected to either pay cash or finance this purchase as you would any other home purchase.
If you are contemplating buying directly at the sheriff's sale of the property, be aware that the lender will have a representative present to insure that any final bid exceeds the amount owed to the lender on the home by the defaulting seller.
2007-05-21 14:39:05 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Palo Alto is pretty pricey. Being so young, and most likely, not having any credit established yet (you cannot legally get credit until you are 18 for now..by Feb 2010 it will be changed to 21) you will not get a mortgage. Not on your own anyways. You would most likely need your parents as cosigners and a hefty down payment. Even then, you may have trouble qualifying due to the fact you sound as if you are self employed and the rules for them is what is your net income a year not gross. Another thing is, I wouldn't tell a lender you intend to rent out the rooms. That turns the place into an investment property, and you are definately not going to get a loan for that. As for the tax credit, you most likely will be too late to get in on that, as you should have already been approved for a mortgage, and in escrow NOW to close the deal and have the deed recorded in your name prior to December 1, 2009. Even if you were to get in before the deadline, you have to use the property as your primary residence to get the credit, not as an investment you would be renting to grad students and the like.
2016-05-19 04:28:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Good question...depends how much they bought it for...the conditions of those homes ranges all over
2007-05-21 14:38:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋