Zillow Advice: Buying a Foreclosure - Do you need all cash to purchase a foreclosure property? How do you get financing? http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ Zillow Advice | Zillow Real Estate [Off topic removed by Zillow ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ [Off topic removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] Sun, 29 Sep 2013 21:35:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2013-09-29T21:35:00Z HomePath Renovation Finance ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ HomePath Renovation Finance is a great option for the foreclosure that FannieMae offers on HomePath.com however, other properties would require a different product.&nbsp; <br/><br/>Fha 203k, and various other options.&nbsp; :)&nbsp; have fun, make equity. ;) Tue, 24 May 2011 00:18:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-05-24T00:18:00Z Fannie Mae offers HomePath ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ Fannie Mae offers HomePath Mortgage Financing and HomePath Renovation Mortgages on their properties right now.&nbsp; Downpayment as low as 3%. Fri, 20 May 2011 20:07:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-05-20T20:07:00Z The same as any other home, ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ <p>The same as any other home, you do not need cash.</p> Mon, 11 Apr 2011 16:29:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-11T16:29:00Z Hi Peter,Great Question!&nbsp; ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ Hi Peter,<br/>Great Question!&nbsp; Here's what I tell my buyers about buying foreclosures...<br/><br/>1. They are Sold "As-Is".&nbsp; And that's just what that means.<br/>2. Make sure the property fits your needs, and utilize the inspection period offered. This will make sure you KNOW what you are buying.<br/>3. A Pre-approval will be required prior to submitting an offer.&nbsp; This is almost always a sellers requirement.<br/>4. Some banks will require that you pre-approve with them just to make the offer, but you don't actually have to use them for the deal.<br/>5. Make sure you have a little patience saved up.&nbsp; You may need it.&nbsp; The banks will demand you (your agent) overnight originals, sign their addendums as soon as they send them to you, but may takes days or weeks to sign them themselves and then get you a copy.<br/>6. The Proposed Terms of the sale, such as Cash, FHA, Va, etc. may give you some clue as to the condition of the property.&nbsp; CASH ONLY is a HUGE RED FLAG for me.&nbsp; That means it will not qualify for a regular loan.&nbsp; This could mean extensive repairs, major structural issues, etc.<br/>7. Some foreclosures, such as HUD, will give you a Property Condition Report upfront, and even include their appraisal, saving you several hundred at closing!<br/>8. When looking at foreclosures....always take a flashlight.&nbsp; The lights are usually not on.&nbsp; Take a potty break before you start, the water is off as well :)<br/><br/>Make sure you have&nbsp; a Buyers Agent you can talk to, that seems to be available to you.&nbsp; Seek recommendations from friends and family in this area as well.&nbsp;<br/><br/>When the deal is done and it "Just Seems Too Easy", that's when&nbsp;I know I have done my job well.<br/>&nbsp;<br/>Good luck!! Mon, 11 Apr 2011 01:24:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-11T01:24:00Z Unless the listing states ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ Unless the listing states that there is some reason why a property cannot be financed, then you should be able to finance it just as you would any other property. If the home needs extensive rehab work, that could be an issue. But there are loan products that take this into account and will lend you a bit more money to help you get the work done.<br/><br/>But in general, most foreclosed homes can be financed in the same way that a non-foreclosed home would be financed. Speak with a mortgage broker or banker who has several loan products that you can choose from. They can give you good advice on how best to proceed. Fri, 08 Apr 2011 03:27:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-08T03:27:00Z A cash offer is not the only ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ A cash offer is not the only way to purchase a bank owned (foreclosure property).&nbsp; The condition of the property is what drives what financing that you can get, not who the owner is. Fri, 08 Apr 2011 00:48:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-08T00:48:00Z Buying a foreclosed property ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ Buying a foreclosed property that is listed by a Real Estate Agent is no different than buying a regular property. you can get financing, etc... it is basically an REO (Real Estate Owned by the bank) &nbsp;they held a foreclosure auction and no one bought it... so the bank bought it for themselves... and are now selling it...<br/><br/>Buying a foreclosure property at the auction is totally different.. you typically buy it as is, all cash no contingencies and need a cashier check for at least 10% at the auction to be considered... then deliver the rest within 3 days...<br/><br/>Best of luck!<br/><br/> Thu, 07 Apr 2011 20:40:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-07T20:40:00Z If the listing specifically ... http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ If the listing specifically states 'cash only' then you would need to have cash to purchase the home.<br/><br/>Otherwise you should be able to get a loan from any lender (assuming you have good credit). Plus some Fannie Mae and Freddie Mac owned homes provide their own ability to finance which can be especially helpful for 1st time home buyers.<br/><br/>You may want to steer clear of homes that require expensive repairs. Otherwise you will have to utilize programs like 203k remodeling loans which are great for some folks, but not necessarily for novices. Thu, 07 Apr 2011 05:11:00 GMT http://www.zillow.com/advice-thread/Do-you-need-all-cash-to-purchase-a-foreclosure-property-How-do-you-get-financing/394005/ 2011-04-07T05:11:00Z