My office manager is also a loan specialist about 50% downpayment is required.
If this is possible, contact Tom Chan, loan specialist at Land & Property Investment, Inc SF
(415) 731-0303 (let him know you were referred by Helen Yuen)
A foreclosure home simply means the owner of the home was not able to payments, it's in default if it's about to be foreclosed and it is a foreclosure home if the bank took possession due to non payment.
The banks owns these homes, the bank will review & select the the buyer from all offers received.
Helen Yuen, Land & Property Investment Inc SF (415) 469-0577
Get a free market evaluation of how much is your home worth in today's market.
I think the first step for you would be to start a conversation with a couple of different lenders to get an idea of what is involved for you, as a non-resident, to get lending on your purchase. I have several professionals who I can introduce you to if you would like.
Currently, in San Francisco, a strong offer on a home would require 20% down or more if possible. Sellers have a lot of power in our current market and want to see the strongest offers available. Many people are currently buying with all cash as well.
Here is a link regarding foreclosures that I hope is helpful: http://homebuying.about.com/od/4closureshortsales/qt/foreclo
Please feel free to contact me directly with any further questions or for lender referrals.
If you do have such a history, then you're in better luck and may be able to get a more favorable program. If not, then banks like HSBC and others will have programs available provided that you keep $100,000 on deposit for example.
With regards to foreclosures there are different types. We work with these as well as international clients. If you drop me a line I can give you some more info.
Lance King/Owner-Managing Broker