Please let me know how I can help, Cinnimonbunny.
Marianne Hofmann, Realtor, Broker, e-PRO
Are you planning to finance the loan or pay cash? When purchasing a foreclosure there are added expenses that you normally would not pay when buying a short sale or a seller sale. Contact me and I will gladly go over what is involved when purchasing a foreclosure property.
I think if I understand correctly, you are looking to buy a home that was in foreclosure and is now bank owned. If that is correct , then it is going to be a regular sale and you will follow the same process as if you were buying normal property.
so you will make an offer , put earnest money down with a preapproval and you will close with a mortgage . Most of the times if you are making an offer on a bank owned property, the bank will require that you have a preapproval
Please don't hesitate to contact us at 630-660-6376 or email us at firstname.lastname@example.org Good Luck !
They are typically sold as-is, they don't provide surveys, and they involve a few extra addendums.
The "seller" is the a bank representative so there is no emotional negotiating.
They are often listed at lower prices because the bank wants them sold quickly.
Your extra costs will be the survey and any repairs needed.
If you need me to explain further please feel free to contact me anytime....630-730-4934. I can also provide you with a list of foreclosed homes in the Naperville area.
Foreclosures are and can be purchased with a mortgage contingency.
thanks for using Trulia.com to get answers to your questions.
as for buying a home that is in foreclosure, the foreclosure process in IL is quite involved and it depending on what step in the process you buy the home determine how to pay for it..
please call me and I will be happy to walk through all of the different steps and how you can buy it. this is free info and without any obligations.. so go ahead pick up the phone and call me now at 630-329-5000.
Option Realty Group
You have so many options. With the market being so competitive right now foreclosures have not been the great dealer they were in the past has home owners are aggressively pricing their homes and may be a better price.
Make sure your agent is educated on guiding you on all your options and you work with a lender that provides you with all the types of loans available to you today.
Naperville and West Suburban Real Estate Agent
Buying a foreclosed home can be a way to purchase a residential or investment property. When you buy a foreclosed property, you do not need to pay off the whole purchase at once. While the majority of your sale can be financed through a mortgage, you need to make an initial deposit to secure your purchase.
If you are taking a loan you would still require money for closing, inspection and an attorney.
Hope this helps!!
No, you do not have to have all the money upfront. You can have an FHA loan, which means you have to put down 3.5% of the sales price at closing. If the property needs a lot of work, you can get a loan for the work which would be added to the FHA loan. This is called an FHA 203Ks loan.
Please let me know if I can help you with this. I can be reached at 630-664-9472 or email@example.com.
Charles Rutenberg Realty