Two very different possibilities. If the home is a listed foreclosure, then it's easy. Get a great agent to represent you, tour the home, consider the alternatives, write an attractive offer.
If it's not through the process yet, you go to the auction with cash, compete with professional investors, buy sight unseen, as is, where is, no chance to inspect or change your mind. This later type is called speculation and is not encouraged. The pros will gladly help you overpay for something to get you out of their way.
If you are looking for a good deal, then forget about focusing on foreclosures or short sales and consider all the available inventory. You'll be better off buying a nice home you love in a good area for around market value than overpaying for a fixer with unknown issues that you get stuck with.
A great agent can help you through the process and provide a wealth of knowledge and experience to help you get the right home at the right price.
If you gather one month paystubs/income documentation, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license and social security cards for each applicant and a copy of a credit report to study and advise your qualifications.
You will need to be pre-approved if you decide to buy to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve and you can be emailed listings to fit your search criteria. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
The purchase in Union City start from 289k for 1bd 1ba condo, 328k for 2bd 1ba condo and the single family homes start from 365k for 2bd 1ba home which is as low as $1,825 down payment with a minimum 580 fico score @328k.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.
2 REO sale from MLS, with a mortgage.
There are few if any inventory right now. The REO sale is your best bet. They are priced as
regular price as is.