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Katie, Home Buyer in Hillsboro, TN

Mortgages for a Trustee sale

Asked by Katie, Hillsboro, TN Thu Jul 19, 2012

My husband and I have been watching a house for about 2 years now. It's been on the market twice and is now being auctioned in a Trustee sale in a few weeks. I haven't spoken to the bank about getting a loan for this type of purchase, but is it any different than a traditional mortgage?

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Typically trustee sales require cash at the time of sale. If the home is not purchased at the sale, it will most likely become available on the market through a Realtor. I specialize in foreclosure and HUD homes in the Manchester TN area. I would be glad to keep an eye out for you. Let me know if I may be of assistance. Lora Pratt Umbarger (931) 273-3784 Exit Realty Partners (931) 723-3300
0 votes Thank Flag Link Thu Sep 13, 2012
Trustee sales are typically cash only purchases. Watch to see if it is purchased or goes back to the bank. If the bank takes it back it will likely come on the market as a REO. You will be able to purchase the REO with a mortgage.
Good luck,
0 votes Thank Flag Link Thu Jul 19, 2012
I found out which bank has the mortgage this afternoon. Should I go ahead and contact them or wait?
Flag Thu Jul 19, 2012
The problem may be the trustee sale can not be contingent on a mortgage or a home inspection, if you buy you take it as is, if you dont or cant get a mortgage, you could lose your deposit and maybe be in breach of contract. Working with a buyers agent who is well experienced in trustee sales can guide you with the mortgage and if the home will quailify to even get a mortgage on it
0 votes Thank Flag Link Thu Jul 19, 2012
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