Home Buying in Pasadena>Question Details

Janette, Home Buyer in Pasadena, TX

What qualifications do you need to buy a foreclosure home?

Asked by Janette, Pasadena, TX Mon Dec 1, 2008

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They are going to want to you to pay for it, so you'll need money - cash or a loan from somewhere. Beyond that, you need patience, as banks are a pain to deal with, and you'll want someone to walk you through the proces~a good buyer's agent. Find an agent that has assisted buyers with buying foreclosures this year. I wrote a series of posts on the process, and how it differs from "normal" transactions. Some things will be different, as you are on the other side of the country... but honestly, most banks' processes are the same, so it is only the real estate laws that will differ. Knowing what to anticipate will keep you from getting so frustrated.
0 votes Thank Flag Link Tue Dec 2, 2008
The same as a non-distressed home......get lender approval, find a great buyers agent to represent you, and go from there!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Dec 1, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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Janette,
The main thing you want to do is great pre-qualified by a loan officer. There are plenty to talk to on this website. Once you got that done you will know your price range and what is best for you. Pretty much every time (9.5 out of 10) you put an offer on a bank owned/reo you will need to submit a pre approval letter with your offer. That is about it inless you are inquiring about purchasing a home of some court house steps? Hope this helps you out. Best of luck and happy holidays!
Tyler
0 votes Thank Flag Link Mon Dec 1, 2008
It all depends on the situation. If you are buying the house as an investment, some banks may sell to you at a higher price. There is just no criteria set.

Lending requirements are tougher for investors where they may require you to put more than 10% down. Some homes are also is such bad shape that no lender will give out a loan on them and they have to be purchased in cash.

As I said, every situation varies. If you have a buyer's agent representing you, he/she can walk you through it.

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Mon Dec 1, 2008
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