Question:
me and my husband would be first time home buyers and we were interested in buying a foreclosure that is not in bad conditions and does not need alot of work done. we would like to get a list of houses that were foreclosed for non payment of mortgage or taxes. i dont want to visit a website where you have to pay for a list i would like a list from either banks or the city. how can i get a hold of such a list and would it cost me anything? Has any one bought a foreclosured home in NJ? would buying a foreclosure be a good idea for us? also lets say we get approved for a loan and they approve us for more than what the house cost can we use the extra money to make improvements on the house.? thanks in advance.
Answer:
Get a real estate agent to work with you. Be specific that you want to deal on foreclosures. I am with you and do understand about these foreclosure websites. If you know the bank that owns the property then work with them. Banks don't want to hold on foreclosed properties very long as their money on it is not producing. There are ramifications on foreclosure properties. Ask an agent. I don't think a bank will let you borrow more than what the property is worth. They might have to ask you for down payment. Don't pay any PMI - Private Mortgage Insurance. It's a waste of your money and not tax deductible. If you can not put 20% down payment, ask for 80/20 loan program, or 80/15/5 loan program, wherein 5 represents 5% down payment. Good Luck!
There's a list of foreclosures available (all different parts of the nation) at:
http://www.investingwithoutlosing.com...
You can also buy some stuff online. If you're looking for a good book on foreclosures, my recommendation below.
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