My fiance and I have bad credit, but I was looking on Yahoo and found a foreclosed house that has a remaining balance of $4,860. Do you think my fiance and I can purchase this house? We couldn't pay the money up front, we'd have to finance it.
If you think this is possible, how do I go about it?
Thanks so much for all your help!
2007-11-26 08:03:53 · 6 answers · asked by Kristabella 2 in Business & Finance ➔ Renting & Real Estate
Yes, you can buy a foreclosure as long as you have the proper paperwork from the mortgage company and the bank you are buying it from. Check with the agent handling the foreclosure and he/she should be able to give you all the details. Good Luck.
2007-11-27 09:27:24 · answer #1 · answered by green3ch 6 · 0⤊ 0⤋
I bought a foreclosed house for a cottage in Canada. It was almost the same as buying normally only the price was reduced because there were many houses for sale when the Mill shut down. I didn't take over a mortgage but the house was empty for a long time and the seller was the mortgage company.
2007-11-26 08:53:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
find out who has foreclosed on it and get a hold of them. I would try to offer the cash up front with no payments (like borrowing from family) the house may go on the market for much more money I would try to find out about it before it hits the market. some houses can be bought for that cheap my mom bought a house for 2,500 by paying off the back taxes. It doesn't hurt to look in to it...........good luck
2007-11-26 08:34:53 · answer #3 · answered by unhappyinin 4 · 1⤊ 0⤋
in arkansas you buy forclosure property for whats owed on it ,borrow the money if possible from family members or see if someone will cosign,ifhouse is in decent shape and even if it needs work you cant go wrong.example on how it works in this state,a friend several months ago bougt a h ome for 94,000 but market value of the house was close to 300 grand.and anyone who doesnt believe me read up on arkansas laws covering that.mosy companies and banks just want to get rid of house and if you have income and agree to pay it off in a couple yrs,they might loan it to you.worth checking into anyway.maybe if you agree for payments to be automatically deducted you can work something out.good luck
2007-11-26 10:58:44 · answer #4 · answered by mamanana9 4 · 0⤊ 0⤋
You will not be able to purchase this house for $4,860 dollars. The amount listed is the amount of the deficiency. The house will actually be sold for somewhere near its current market value, and I assure you that the market value is more than $4860, unless it's a demolition project.
2007-11-26 08:08:41 · answer #5 · answered by acermill 7 · 1⤊ 1⤋
Yes thats very possible, go to a bank or go to lendingtree.com. Or ask parents for that little amount, they might be willing to lend you the money.
2007-11-26 08:07:56 · answer #6 · answered by Dippin Dots of East Lansing 2 · 0⤊ 0⤋