Since this is an auction and $42k is just the starting bid price. You usually have to pre-register and pre-approve prior to the auction.
And now non of the loan program I know of you can do 100% financing. You at least will need 3%-5% with FHA loan.
JP and Associate
FOR YOUR QUESTION THERE ARE SO MANY VARIABLES FOR THE PRICE DROP IT COULD BE BEGANING OR END OF PRICE.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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VA is the only type of loan I know of offering 100% financing.
Yes, the $42,000 is probably a starting point.
If you are interested, you should engage a Realtor and have them do a CMA so that you are working from a point of knowledge.
If this is the TRUSTEE SALE, you understand that they require CASH; no financing.
Otherwise, you will have to wait for the LISTING after the Foreclosure.
You will certainly need a Realtor then.
Good luck and may God bless