Home Buying in 19115>Question Details

Tanya, Home Buyer in Philadelphia, PA

Is it easy/hard to buy a foreclosed home with fha loan?

Asked by Tanya, Philadelphia, PA Wed Jul 24, 2013

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Foreclosures can be a challenge with an FHA loan mainly because the condition of the home has to meet FHA appraisal standards. Some homes will be meet the guidelines and some may not. Work with an agent in your area that is familiar with FHA guidelines and they should be able to help you.
0 votes Thank Flag Link Wed Jul 24, 2013
Looking to buy a foreclosed home to move-in is generally a challenge, period. I've found investors to be more successful in meeting the challenge as primarily there being a third party involved between the buyer and seller and that is the seller's bank. Negotiating with the bank who's taking a loss involves much longer time to settle. After a Realtor who's forthright in sharing this information a typical buyer isn't up to uncertainty involved in going to settlement; whereas investors tend to be more flexible and willing to wait as long as they can get their price.
Flag Sat Nov 2, 2013
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