how do u buy a forclosed home, do u have to have cash upfront or can u mortage it ?

Answer 1

many foreclosure sales are at the court house and in all the ones i have ever attended you had to tell them what homes you wanted to bid on and......had to pay for the home buy the end of that bussiness day. you must have cash or a certified cashiers check in couts hands by 4pm or or before the courthouse closes on that day!

Answer 2

If you're buying it at the forclosure auction you need to have at least 10% in certified funds down when the hammer falls and need to close the sale within 10 days or so. Unless you have a hard money lender in the wings, forget that avenue.

Keep in mind that most forclosure auctions go to the lender who will bid the outstanding mortgage amount to protect their interests. Once the own it it will be turned over to a Realtor for sale in most cases. From that point onwards the purchase process is pretty much the same as any other property on the market. Any financing options available on a private sale are generally available on a REO.

Some lenders may offer cut-rate financing to qualified buyers to get the property off of their inventory and producing cash flow again. The Relator will have information on any offers that the lender/owner is making.

Answer 3

these days, most lenders require at least 5% down. That is if you qualify for the mortgage with Full Income verification...