Question:
Just wondering if anyone has ever bought a forclosure and how you go about doing it! How much money did you save?? Can anyone with decent credit and a 10% down payment buy foreclosures? Thanks =0)
Answer:
depends if you are trying to buy it by yourself or if you have an agent helping you. If you try by yourself you have to do a lot of paperwork and research, if you have an agent do it for you he/she can do the research and paperwork for you(which is something they should be familiar with on a daily basis). Remember purchasing a house and obtaining a loan are two very different things, if you have 10% down the industry standard for your credit score is between 620-660 fico. I have bought one and bought it at 14% below fair market value with no money down(I just payed closing costs)
Yes you can. I recommend joining a foreclosure group or a real estate investing group. How to do it can't be filled in here. You can get these properties with less than 10% down by the way but the cash certainly helps.
Yes, done it. I recommend Pre-forclosures...if you aren't experienced you'll never get in with the foreclosure crowd. They will just bid you out.
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