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If a person buys a forclosure is it only a cash transaction? ... or can one arrange financing

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June 09 2013 - Village of Loch Lloyd
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You can arrange for financing from the bank who owns the foreclosed property. You can also work with a lender who offers loan programs such as FHA or FHA 203k.

If the house needs repairs, then you will do well with 203k loan.
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September 29 2013
You can arrange financing through a bank. There are a number of loan options available such as a conventional mortgage, which commonly needs 20% down, as well as options like FHA 203K. It will depend on the condition of the home and your financial situation.

Buying a foreclosure with financing would go through a similar process as buying any other home with a loan. Talk to some banks. They will help you with the financing process and preapproval. Most foreclosures require a preapproval letter be sent with the offer. Good luck!
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June 09 2013
The answer will depend on whether you are buying the foreclosure on the courthouse steps or if you are simply buying a home now for sale that was once foreclosed on. If you are buying on the courthouse steps, some courts will require cash, so you will want to call the court to ask their procedure. For a home currently for sale that was foreclosed on and is now bank owned, securing financing through a bank should not be an issue. Best of luck! Tricia Nibarger Realtor, Platinum Realty
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June 09 2013
To be clear...you are borrowing money from a Lender to pay for the house.  So one could say you are paying cash for the house and then you now have a lien on the house from the entity that lent you the money.
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June 09 2013
 
Related Questions
If a person buys a forclosure is it only a cash transaction? ... or can one arrange financing
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Latest answer by whywaitbuytoday cfs203k
September 29 2013 | 4 answers
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