1) Pre-foreclosure Short Sale: Financing is available (subject to qualifying).
2) ** Trustee Auction: In CA cash is required.
3) REO/Bank Owned home offered for sale on MLS: Financing is available (subject to qualifying).
4) ** REO/Bank Owned home offered for sale at Auction: Financing is available (subject to qualifying).
** Not recommended for new buyers!
A Trustee sale is usually conducted at the local Court House by an Auction or bidding process, and requires all cash to be submitted immediately upon acceptance.
Through the bank owned REO process the current owner, the bank, will allow you to secure financing to purchase their properties and therefore can be paid back on a monthly basis.
I hope this helps you.
Let me know if I can help you in any way!
Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)
California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
License # 01341483
Find Your Dream Home:
Find Foreclosures: http://CaliforniaCool4Sale.com
Best of luck to you!
As Sara mentioned you can definitely obtain loan to purchase a foreclosed home. You need to contact a loan officer to qualify you for a loan.
Phone (530) 448-3867
Fax (619) 819-9923
If you are interested in buying a foreclosure, I'd love to help. My brokerage is founded and run by attorneys so we make sure that you never get taken advantage of and that every part of the transaction is both legal and ethical, and that you understand what's going on, plenty of support.
I can also help you to get a prequalification from a good lender so you know how much of a house you can afford if you need. Best of luck to you!