mamasanta25 0 Report post Posted March 25, 2003 Does anyone know that basics of buying foreclosures? For instance, how do you find them without paying a website money? Is it possible to get a bank to finance you on a foreclosed home? I know there are a lot in this area, well, in every area, and I am wondering if I couldn't maybe buy one for myself. Just wondering what ya'll can tell me about foreclosures. Thanks to all responses. And NO, I am not even thinking of putting L/P's on the back burner, I am simply wanting to expand my knowledge a bit. Share this post Link to post Share on other sites
gone2vegas 0 Report post Posted March 26, 2003 Samantha, Does anyone know that basics of buying foreclosures?Every state and even counties within a state have different laws and codes regarding buying homes that are in foreclosure. For example, here in California if you are buying a home for profit that is in foreclosure, you have to give the seller 5 days to cancel if they want to. However, if you are buying it as a primary residence you do not have to give them the 5 days. There is even a requirement on how big the font has to be in your contracts. Foreclosures are like any other real estate investment strategy. It's a numbers game. You will be surprised at how many people are willing to let their home actually go all the way to auction. That can be good and bad. If you buy it at auction and the previous owners are still there, YOU have to evict them. Another thing to remember if you are going to try and buy a home in foreclosure, you have to have cash because you have to "AT LEAST" get the loan that is in default caught up. That could, in some instances, be tens of thousands of dollars. Your other option would be to get a loan, but with foreclosures, time is of the essence. Cash talks... how do you find them without paying a website money?Depending on where you live, some local papers list Notices of Default. Is it possible to get a bank to finance you on a foreclosed home?Banks don't care if the home was foreclosed before, they only care about your credit and the value of the home. I am wondering if I couldn't maybe buy one for myself.Why not lease option for yourself? If done right you can live rent free. Share this post Link to post Share on other sites
mamasanta25 0 Report post Posted March 26, 2003 I would like to l/o for myself, but first I have to find a willing seller or two. I haven't found one as of yet. Thanks for your input. Share this post Link to post Share on other sites
