Profile picture for user455716

We are first time home buyers in our twenties ad we want to buy a foreclosure. How do we start?

I have a pretty high credit score in the 700s but the only big item I have is my car which will be paid off in the beginning of next year. Him on the only hand still has a year and a half on his car. He has a high 600s credit score but we both are servers and students. We both have been at the same company for 5 years +. Is it possible to buy right now?
  • June 07 2012 - Douglasville
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Answers (7)

the first step is why just a foreclosure.  I would sit down with you frst and make sure we understand exactly what you want. Making sure the house meets your needs and wants is going to be a very important part.  I am sure you want a foreclosure becuase you want a good deal. Once I know that information we can proceed to finding you a good deal and if it is a foreclosure that is all the bester.   
  • September 23 2013
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first thing get with a lender and get pre-qualified so you'll know what your approved for.. then find a knowledgeable Realtor who deals with short sales and foreclosures..  640 credit score is the magic number.. good luck
  • June 07 2012
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The first step would definately be to talk to a mortgage lender. Sounds like your credit score is excellent (cheers to that!), and a mortgage lender will be able to tell you what amount of loan you will qualify for based upon your income. As another poster indicated, you will need to claim your tip income in order to use it to qualify for a loan.

Once you know the amount you qualify for, you will need to determine how much you are comfortable paying each month.

The best deals are not necessarily foreclosures. These properties, are often times priced below the market and many times receive multiple offers, which can start a bidding war. This can be case with short sales as well.

The key is to determine your budget and stick to it! Best of luck!
  • June 07 2012
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Profile picture for Ofe Polack
I suggest that you meet with a few lenders and discuss your credit profile.  You say you are both students and servers, I hope you are declaring your tips to the IRS....do you have student loans?  I would not concentrate just on foreclosures, they are not necessarily the best buys in town.  The best buys are pre-short sale properties.   The best of luck!  
  • June 07 2012
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Profile picture for BrokerAppraiser
Get with a couple of mortgae folks - talk to at least threee so you get a good idea from a few different sources.

As far as foreclosures, I wouldn't focus on just them. The under 150K market has moved from a buyer's market to a seller's market; you are much better finding a home that you like and not just looking at foreclosures. I woudn't expect to find a screaming deal right now, focus on what works and make certain that you have all of the data explained.

Douglasville is still stuck in the mud, continued decreasing values are likely.
  • June 07 2012
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Profile picture for jperc
Probably. One item that can impact your ability to buy are student loans. Also based upon what you say you will both need to be on the loan in all probability which means his score could effect the financing...however as long as it is above (620 and there are exceptions) you should be able to find financing. So based upon what you have laid out your really going need to get an approval from a lender before hunting. That way you know what you are qualified for. Plus when it comes time to write an offer, especially now as the market warms up (at least in my location) the approval will give your offer some weight and a better chance of acceptance. Best of luck. 
  • June 07 2012
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My advice to you would be to contact a Mortgage Lender. They can pre-qualify you in minuets. They will help you decide how much you want to spend on your new home, what you want your monthly payment to be, etc. You need to be pre-qualified anyway before you start your home search. If you don't already have a relationship with a local bank or Mortgage Lender, contact your local Realtor for some recommendations.

  • June 07 2012
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