If its a foreclosure, clearly and no homeonwer is in the house, 3.5% down fha purchase. Appraisal will be ordered by the original lender, preparing for sale through an agent. Yes the homeowner has a ton of different options available but I am sadly to say that they usually don't bounce back. MODIFICATIONS work but don't normally don't have a happy ending. Setup a short sale with the homeowner, approach them. You are the missing link to their dilemna maybe. A short sale is when the bank agrees to sell the property for less, letting the HOMEOWNER free. You won't know in less you ask, you might be solving a 300K problem for them. If you do buy, I better be doing your financing hahaha, I am in East Northport. I hope this helps. Some agents might not like this, but work the short sale out with the homeowner before it gets to thed agent.

You purchase a short sale home the same way you would any other home on the market. All the requirements, such as downpayment, will be determined by your mortgage company. Your loan officer would be able to tell you what loan program you qualify for and how much you would need to put down. Can be as low as 3% down for FHA loans. Good luck.

None. The house is not in foreclosure. The homeowner still has options like listing the house for sale through a Realtor, contacting the bank and getting a possible loan modification, trying to get a forebearance, etc.