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Foreclosed houses are payable in cash or you can pay with any other loan?

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April 13 2013 - East Side
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Answers (3)

Don't be discouraged.  Most foreclosures actually sell with a 3rd party loan so you should pursue your search.  Align yourself with a Realtor, in particular a buyer's agent and they will be able to research for you the homes that can go through a loan.

The ones that can't go through a loan are those that need major structural work particularly foundation, had a fire etc.  Some of those even qualify for an FHA 203K loan which is a rehab loan.  Not many lenders are doing those and they are such a hassle for the buyers and cost more.

Naima
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April 23 2013
Please consult a lender with the possible options for a foreclosure sale. There are FHA 203K loans, Conventional, and Cash primarily used in these purchases with my clients. Good Luck to you!
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April 23 2013
It depends on the condition of the home. Most foreclosures are purchased cash or with a conventional loan.
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April 23 2013
 
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Foreclosed houses are payable in cash or you can pay with any other loan?
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April 23 2013 | 3 answers
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