Home Buying in Miami Shores>Question Details

Linda Ward, Other/Just Looking in Chicago, IL

is it really hard to purchase these bank owned properties , thats starting as low as 2000.00 ?

Asked by Linda Ward, Chicago, IL Tue Mar 29, 2011

are banks making it easier to buy these bank owned properties , for people with weak credit, bit ha ve a good jib history?

Help the community by answering this question:


Today is another day, as they say. If your are able to find anything for that price it must have something wrong with it., unless it is way out on no man's land.
Check carefully the advertisement to avoid misunderstandings and possible scams.
Always consult a professional Realtor to find out the information on the property.
Many of the "as low as" are not really low or it is just the starting bid price.
You can always call me to get free advise. I am CDPE and REO certified
0 votes Thank Flag Link Sat Apr 20, 2013
If you have cash, you can buy a bank owned property without a good credit (no credit even).
The banks don't lend money on the loans smaller than 25K.
You can also use a hard money lender (not on 2K purchase) and the downpayment is normallly 40 to 50 % if the credit is not good plus fees.

Irina Karan, CDPE
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 4, 2012
You still must qualify for a loan?

$2000,00 for home that probably for land only home can't be lived in

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Mar 29, 2011
Banks are not going to make it easy for anyone with poor credit to buy a house. That is what started the whole mess in the first place - banks loaning money to people who can't pay it back. I would be very skeptical about a home for $2000. That sounds like one of those, "If its too good to be true" stories. It may have a $2000 price on it but what other liens are there?? Tax lien?

If I was you I would find a good real estate agent and have them look for bank owned homes in the mls for you AFTER you speak to a lender to see if they will lend you money.
0 votes Thank Flag Link Tue Mar 29, 2011
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