Profile picture for cindy jams

i want to buy a forclosed home. how?

i seen listed many 20 to 30,000 dollar homes being forclosed on. payment 125.00 to 175.00 can i take over any of these homes with no money down . fix them up and rent them out or do i have to barrow a bunch of money then the payments go up high.i would like to try this if at all possible.
  • December 23 2010 - Pryor
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Answers (10)

The very best way to buy a Foreclosed Property is to contact a Buyer's Agent for an appointment.  Since you're buying them as an investor, most "zero down" plans are out the window. 

While Texas has several First Time Buyer and Down Payment Assistance programs in place, these are for folks that will occupy the property as their primary residence.  Texas also has a program in place for Active Duty and Veterans alike offering below market rates.  For veterans, the Texas Veteran's Land Board is a great place for Home, Home Improvement and Land Loans.

During the initial appointment, the agent will help you get pre-approved for a loan and answer questions such as just how much cash out of pocket will be required.  Then discuss matters such as how much improvement you can or are willing to tackle, and what kind of return you're trying to make on your investment.

Hope this helps get you started!
  • January 16 2011
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Profile picture for Smart Option Homes
check out hudhomestore.com-  it has all the HUD homes listed as well as special financing, down payment assistance, and homes all over the United States.  Find a Realtor in your area that understands shortsales, bank owned, and HUD owned transactions.  make sure you know what you are getting into-  there are some great deals- but also a lot of fraud as well.
  • January 14 2011
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Hi Cindy:

You definitly need to speak directly to a lender and see what options will work best for you.  You can speak to them with more specifics about your needs/wants and about your situation.  I suggest you speak with Andi, OK State Lender at Metro Point Lending [contact info removed by moderator] he is a very knowledgable and reputable local lender.

Good Luck!
  • January 14 2011
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Profile picture for JDERP
cindy,
your best bet is to contact a local realtor that can assist you with the process. you will most likely have to talk with a bank as well to see whether or not taking an existing mortgage over. It's not possible in every scenerio. Best of luck.
  • December 23 2010
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Peter, was that really necessary. They guy just wants some help with foreclosures and he turned to the Advice section of Zillow. 

Should people that misspell not be allowed to ask or answer questions?

If you personally don't want to offer your expertise, then just move to another question.

 
  • December 23 2010
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NO.  The first thing you need to do is Google Neil Garfield and take a serious look at his videos concerning massive foreclosure fraud and how your involvement in purchasing a foreclosure home puts you in serious jeopardy.  Then Google foreclosure fraud cases and see what our judges are saying about these transactions.  If you are going to purchase one at least go into it with your eyes wide open so you have no one to blame but yourself when it goes bad later.
  • December 23 2010
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Profile picture for Peter Lake

The first thing you need to do is learn to spell "foreclosed" or no one will take you seriously.

  • December 23 2010
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Profile picture for Mr Caveat
uhh if by "no money down" you mean 20-30% money down + 7grand per house in transactional fees, then yea,

if you mean, you want someone to give you a house, so that you can rent it out, open a business as a property management company and expect 15% of the rent
  • December 23 2010
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Cindy, if the home is being foreclosed, you cannot buy the property without having some money invested.  Reason: the sellers are being foreclosed on because they are behind on their payments. They must be brought current to even consider assuming the existing debt, even if permitted. In many cases, assuming the current debt is not a good deal. If the property has already been foreclosed on, then cash or qualifying for a new loan is needed, unless the foreclosing entity would consider terms (and that is not usually the case). There are other ways depending on your strength as a buyer.  
  • December 23 2010
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Profile picture for OK State Lender
First you need to contact a lender that can look at your situation and tell you weather you can qualify for an investment loan.

Second, you should contact a Realtor that deals with foreclosures and ask them to put you on an email list. You and the Realtor can filter this list based on area, price, and REO status.

The days of no money down for investment properties are long gone. However, you may still be able to buy a home that has HomePath Financing available. These are homes owned directly by FannieMae. Also you can ask about $1 HUD Loans. Or, you may see about seller financing.

  • December 23 2010
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