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Home much down for a foreclosed home? How does the 'sale price" get estimated?

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July 10 2011 - Lutz
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Answers (2)

The amount of money down depends on your loan. Once you have a lenders approval they will confirm the best financing available to you. For example if you qualify for an FHA loan you will need 3.5% of the purchase price down. You will also need closing cost and prepaid items which include escrow taxes and insurance.

A good Real Estate Agent and Banker can work together to assist you in the details when your ready to make an offer on a home. 

A foreclosed home is bank owned. The banks use many resources to determine the price. One of the most effective and reliable data they use is a (BPO) Broker Price Opinion which is obtained by the (MLS) Multiple Listing Service and assessing the condition of the property. Again a good Agent can pull this data with the Current Sold properties that are good comparable properties to the subject property to uncover the current market value. You have great questions, now you just need a good Buyers Agent to assist you.  
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July 10 2011
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It depends on who you buy it from (Veterans Administration, HUD, Bank Owned, etc.), and what the purpose of the home is (primary residence, or investment property, etc.). On a VA property, if you are going to occupy it you can get in the door with a 2% VA Funding Fee (unless you are a disabled veteran and that fee is waived) and $0 down (5% for investment property). A bank owned property is going to be dependant on the bank, your credit scores, and who you deal with but I normally end up paying at least 20% down. I have never bought a HUD Home but there is a lot of info out there on HUDs (http://www.homepath.com/). Good luck....
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July 10 2011
 
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Home much down for a foreclosed home? How does the 'sale price" get estimated?
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