I love working with foreclosures - it requires knowing the rules and being quick to analyze/make your decision. There is little flexibility in terms of how the contract/addenda are written by the foreclosure seller. So, you want to make sure you read the contract carefully before you sign it.
You can get pretty good deals via foreclosure transactions.
Financing is not complex when it is Homepath or Homesteps foreclosures.
Other types of foreclosures will be subject to appraisal, and they have to have necessary appliances in the kitchen (which many of them don't have the appliances), and the condo questionnaire/condo financials (if buying a condo) should be satisfactory to bank's strict underwriters...
It's easier to buy a house or a townhome then a condo, when getting financing.
For more, please contact below
Beachfront Realty, Inc.
A foreclosure property works almost as a regular real estate transaction. The majority of the REO's the bank is willing to finance to the new owner, they have a Loan Officer that you can contact for a free pre-approval.
If you qualify You can purchase a single family home with only 3.5% (FHA) or a condo with 30%.
Please call me, should you have more questions.
Optimar Int Realty
Keep in mind that depending on the market you are in you will likely need to offer above the asking price to have any chance of getting an offer accepted, and there will be competition from other buyers. This is normal because we have began a sellers market again. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".