Zillow Advice: Buying a Foreclosure - When purchasing a foreclosure, is it a cash only transaction or can the property be financed? http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ Zillow Advice | Zillow Real Estate It is like buying any other ... http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ It is like buying any other home/property. You can have it financed or you can buy with cash. Sun, 20 Oct 2013 03:40:00 GMT http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ 2013-10-20T03:40:00Z Any bank owned home can be ... http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ Any bank owned home can be financed as long as it is in descent condition. The mechanicals need to be intact. The buyer will usually have to have the utilities and water turned on&nbsp;prior to&nbsp;inspection and appraisal themselves. Some banks will pay for the de-winterization and re-winterization before and after inspection/appraisal, some will add a fee on to your closing costs for this service. Keep in mind, it is difficult to find a bank that will write a mortgage for under 40k. Sat, 19 Oct 2013 17:57:00 GMT http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ 2013-10-19T17:57:00Z The correct answer is what ... http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ The correct answer is what type of foreclosure is it. There is really only one, but people call a house that once was foreclosed a foreclosure and it's incorrect. It is likely now a bank owned home that once was in foreclosure. Bank owned homes are like buying any home from anyone, you can finance them. If you go to a real foreclosure action they require cash and are auctioned off at the courthouse. The bank usually buys them because so much is owed on them others don't bid more. Once that auction is over that house is not correctly called a foreclosure since that process is now over. Sat, 19 Oct 2013 13:02:00 GMT http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ 2013-10-19T13:02:00Z Most foreclosed properties ... http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ Most foreclosed properties can be financed. It would depend on the type of financing you're getting. <br/><br/>Good Luck! Sat, 19 Oct 2013 12:53:00 GMT http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ 2013-10-19T12:53:00Z it depends on condition and/or ... http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ it depends on condition and/or the loan you intend to use.<br/><br/>Fannie Mae offer Home Path financing and Home Path renovation loans.&nbsp; FHA offers 203K renovation loans.&nbsp; <br/><br/>If the property is in reasonable condition you may be able to use traditional financing.<br/><br/>Properties at auction require cash. Sat, 19 Oct 2013 10:29:00 GMT http://www.zillow.com/advice-thread/When-purchasing-a-foreclosure-is-it-a-cash-only-transaction-or-can-the-property-be-financed/515854/ 2013-10-19T10:29:00Z