What's the deal with Foreclosures? I live in NJ and I can't really afford a house any other way.?
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Answer:
A foreclosure is a house that a bank owns because the owner didn't pay the mortgage. The bank doesn't know anything about the condition of the house so they sell it as-is. Most banks list the houses with Realtors so call a local agent and ask what is listed. You can also call banks and ask if they have any foreclosures that aren't listed. If you have to get a loan then you will still have to go through the process of being approved and paying closing costs and down payment. Depending on the condition of the house you might be limited on what kind of loan you can get. You may have to get a conventional loan instead of FHA, but you might not. There really aren't any additional fees involved with a foreclosure. There are certain Realtors who deal mostly with foreclosures. You might even call a real estate company and ask if they have an agent who deals mostly with foreclosures. An agent can help you through the process.
What makes you think that a foreclosure would be a better buy than any other home for sale?
Typically lenders have their foreclosure properties appraised and sell them for as close to appraised value as possible.
Some mistakingly believe that they can buy a foreclosure by simply paying the loan balance that was foreclosed on or taking over a former owner's payments; doesn't work that way.
There are usually no more taxes and fees buying a foreclosure property than any other but there are usually no fewer fees and taxes either.
Most any mortgage lender will be happy to finance your property for you if you meet their lending guidelines and the property is habitable.
foreclosure are lose propreties that are place back on the market for sell after the buyers can no longer meet their fianancial obigation to the lender. simply contact the foreclosure seller they will then inform you to their requirements.
I recommend buying pre-foreclosures instead of foreclosures. Get them Before the bank gets them and perform a short sale on the property to create a massive amount of extra equity...which in turn will make it very attractive in the asking price and an easy property to sell quick.
To get What You Need...To Get The Deed from Short Sale Sellers...Just visit:
http://easy.to/getthedeed
To get the money for short sales, get a hard money loan. I recommend visiting:
http://dipurl.com/privatefundingnow...
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