Foreclosure in Guerneville>Question Details

Gail Bechard, Home Buyer in Guerneville, CA

Greetings How does the loan work if the home is n forclosure?

Asked by Gail Bechard, Guerneville, CA Sat Oct 12, 2013

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6
Hi there Gail, The loan process is the same even though it is a foreclosure. There are no restrictions for foreclosure for loans because a home is a home. There may be some hoops you'll jump through if there are inspection and repairs needed. I recommend you speak with a lender like myself to get more information about your home buying process. I would be glad to speak with you to help you get the loan that you need. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
looking for 2 bd in Guenrville $150000 range with deck or porch by town
0 votes Thank Flag Link Sat Oct 12, 2013
Hi Gail,

The loan for the buyer doesn't change in a foreclosure situation. The process from the buyers side is exactly the same. There may be challenges in getting the bank to complete lender required repairs but this depends on the bank listing the property. The listing agent can discuss with your agent how best to write the offer and what to expect from the foreclosure bank during the escrow process.
0 votes Thank Flag Link Sat Oct 12, 2013
Sounds like you're confusing a foreclosure with a short sale. In a short sale, the bank that has been carrying the loan has to agree to take less than what is owed. When it's a foreclosure, the bank has taken possession of the house and there is no longer an liens on the house. You are free to offer cash or a downpayment with a pre-approval letter. Time to find an agent to help you through the process. I would be happy to talk to you! Give me a call for more information:)) Best, Terry Bell, Realtor
Terry Bell, Realtor
CPS Real Estate
Serving all of Sonoma County!
707-292-5712
http://www.TerrysHomes4sale.com
0 votes Thank Flag Link Sat Oct 12, 2013
I'm confused by your question. Can you be more specific?? Are you putting an offer on a house that is a foreclosure? As Lance said, it works just like any other house.
0 votes Thank Flag Link Sat Oct 12, 2013
If you are talking about a bank-owned property (REO) that is listed with an agent, you can get a loan just like any other property. If it's at auction you will need all cash.
0 votes Thank Flag Link Sat Oct 12, 2013
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