As a Certified Foreclosure Specialist, that answer may be simple; however, given the ever changing Lending requirements, the answer is that it depends upon the condition of the home.
If the home qualifies for a loan, then as a buyer you can look at conventional loans of 20-25% down payment or even FHA (again the home must qualify). Also, the Seller (in most cases it is a Lender or a third party representing the Lender and Investor will only look at qualified Lenders such as BofA, Wells Fargo, Credit Unions and may reject mortgage brokers unless the Mortgage broker can provide the pre-approval from the actual lender being a BofA, etc.
If the home simply does not qualify for a loan, then the purchase would have to be cash.
Great Question! Kindly, Athena
REOs, Bank owned properties, homes that have been foreclosed on - will be sold also as a normal sale. Financing contingency periods can normally be negotiated. A preapproval letter will help you negotiate the purchase.
A purchase on the court house steps - a trustee sale - can be financed also. A cashiers check deposit - usually 10% of the purchase price - is required to tie up the property. Then, the buyer is given time to get the loan approved and close the purchase - 30 days is common.
Please let me know if you would like further information for the Clearwater, largo, Dunedin, Palm Harbor, Tarpon Springs, St Petersburg or surrounding areas in Florida.