Profile picture for ba56ford

How to secure a loan for a foreclosure?

I was looking at a house that was listed on this site. The house is a pre-foreclosure.
This house is set to go into an auction on 10/9/13. The address is 246 west 100 south Valpo IN 46385 
  • October 04 2013 - Valparaiso
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

The process is no different. Contact a lender once you have seller signed/bank signed contract. This allows for us to proceed with the processing of your loan!
  • October 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you have all cash and are willing to pay the bank what they are owed you might be able to buy a home at auction.  The bank bids in the property at what they are owed.  You would have to go over that bid to get the home. 

Focus on foreclosed homes.  Pre-foreclosure is the same as pre-pregnant.  It has not happened yet.  No one can cut a deal for a home designated pre-foreclosure.  It has to be foreclosed upon for the bank to take possession.
  • October 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It may take a l-o-n-g while until the bank processes this through their REO system and lists the property for sale. If you are willing to wait for this, great! If not, move on to other properties that are already on the market. Make sure you are pre-approved for a mortgage before making any offers!
  • October 05 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoldByAvery
The Pre-foreclosure auctions listed on Zillow are basically Sherriff Sales. The bank almost always pick these up. Once the bank owns the property, they will put it on the market eventually, but that usually takes time, up to a year or more, depending on the bank.

I can send you an automatic email of all foreclosures presently on the market where you want to move, which will be updated daily for any new listings that hit the market. Click on the link, my name next to picture, and contact me to get that set up.

Thank you.
  • October 05 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That will take cash and the foreclosure amount is 218472.41 before fees and interest that will be added to it. Generally the bank bids the amount that is owed and it goes up from there. In addition a lot of times the home is removed from auction if the consumer is trying to work out something with the bank. I have seen up to 30 percent of the auctions removed some times. If you have any other questions please feel free to contact me as I am in the Valparaiso area and have dealt with a ton of foreclosures.
  • October 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

All auctions sold on the Courthouse steps are bought all cash. Only some private auctioners provide financing. Another solutions would be a short sale; in this case you may purchase with conventional finance or FHA/VA.
  • October 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.