How much can I expect to pay for a $100,000 Foreclosure Investment Property?

Jeremy Mccreary
Other/Just Looking
Quincy, WA

The home is worth $150,000 on the open market..... If the property is assessed at $110,000 with the county..... and I buy it with a partner.... what can I expect the downpayment to be? Is there a way the bank will lower the downpayment?

Answers (3)
First to answer: Will
Arnold Camps
Agent
Seattle, WA

There's HUD properties where you can put $100 down and receive $$ back at closing for corrective repairs.

You can also go FHA (97% financing) and have down payments assistance(3% or less than 10k). leaving you to pay for only closing costs. But of course every thing is negotiable

Fri May 29 2009, 01:09
Don Dutton
Agent
Puyallup, WA

I'm not understanding your question Jeremy. You mention $100,000 foreclosure property then follow that up with market value and assessed value. What is the price your asking about? If it's being foreclosed by the bank and has a $100,000 loan default you won't be able to get a loan to buy it. You'll need cash on the day of the trustee's sale and you may not even get it for $100,000 if it's truly worth $150,000 on the open market. If it is a listed property the market value will have nothing to do with your downpayment. All Will says, you will need a minimum of 20% down on the purchase price, no matter how high your credit score is. The lender will probably not be involved in your new mortgage. They certainly won't be offering any risky low downpayment financing to investors. They've already been burned once.

Sat May 23 2009, 18:48
Will
Mortgage Broker
or Lender

Atlanta, GA
FIRST ANSWER

The down payment would be about 20%-25% and you'll possibly need a credit score of 680 minimum credit score.

Fri May 22 2009, 19:38

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