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Answers (9)
- Kathryn Acciari, Realtor, "KathrynAcciari"
- Contributions:49
I'm not aware of any license needed. I have helped many buyers purchase foreclosed properties. It is similar to buying from a private seller, but you will probably have to purchase the property "as is" and it is difficult to obtain much history on the property. Definitely talk with a mortgage pro if you need to obtain a mortgage. If paying cash, have an agent as well as a great attorney to advise you.
Good luck!
Good luck!
- Richard Rosa, "RichRosa"
- Contributions:16
Anyone can buy a foreclosure; however, having an experienced exclusive buyer agent guide you through the process is highly recommended.
Far too many consumers believe foreclosed homes must be good deals. That could not be further from the truth. In fact, many foreclosures are extremely overpriced.
- Rich Rosa
[Link removed by moderator]
Far too many consumers believe foreclosed homes must be good deals. That could not be further from the truth. In fact, many foreclosures are extremely overpriced.
- Rich Rosa
[Link removed by moderator]
- Michael Emery, "MikeEmery"
- Contributions:7294
Yes. You need a license to steal!
Seriously, there are some great values in foreclosed homes.
All it takes is being creditworthy and (sometimes) having a downpayment. If your lender tells you that you need to go with an FHA approved loan, just make sure the home you select will qualify for FHA financing. A lender or real estate agent can tell you what you need to know.
If you're paying cash or using conventional credit, pretty much any home is fair game.
Good luck!
Seriously, there are some great values in foreclosed homes.
All it takes is being creditworthy and (sometimes) having a downpayment. If your lender tells you that you need to go with an FHA approved loan, just make sure the home you select will qualify for FHA financing. A lender or real estate agent can tell you what you need to know.
If you're paying cash or using conventional credit, pretty much any home is fair game.
Good luck!
- Jay LeClerc, "jayleclerc777"
- Contributions:19
- Ronald Escobar, "Ron Escobar"
- Contributions:305
You can buy a home by yourself with no license needed... just like you can fix your car by yourself without being a mechanic...
You cannot buy a home for someone else without a license...
I recommend using a Realtor to buy a home, a mechanic to fix a car, a doctor to watch over your health and a lawyer to give you legal advice, etc, etc.
You cannot buy a home for someone else without a license...
I recommend using a Realtor to buy a home, a mechanic to fix a car, a doctor to watch over your health and a lawyer to give you legal advice, etc, etc.
- AL McCaw, "Al McCaw"
- Contributions:286
Here are the "licenses" you need:
1. Good credit 640 FICO and up
2. Cash for down or to pay in full
3. Get a realtor since you don't pay his/her commission as a buyer
(although not necessary)
1. Good credit 640 FICO and up
2. Cash for down or to pay in full
3. Get a realtor since you don't pay his/her commission as a buyer
(although not necessary)
- Christine Moran Realtor & Notary, "Christine Moran"
- Contributions:288
You need to place an offer with an agent if it is listed. I would suggest a buyer agent, but some of these REO brokers seem to have their own clients locked in with the bank. My suggestion is that if you do not have cash you should speak with your lender property specific.
Zillows,
Shawn
Foreclosed properties are available to anyone who can pay the price. There are many types and programs but the market is open to anyone. Make sure you have you have all the information available and knowledge base to purchase for yourself or seek the help of a local Realtor. Good luck!
Shawn
- Masha Senderovich, "MashaSenderovich"
- Contributions:138
You need a good buyers agent and at least 20% down to look good for the seller
Can anyone buy a foreclosure or is there a special license needed?
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