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Herbert Dotz…, Home Buyer in Minneapolis, MN

terms of purchase

Asked by Herbert Dotzler, Minneapolis, MN Sun Mar 1, 2009

how much down?

This question is about this property:…

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Hello Herbert!

The property referenced above is actually in pre-foreclosure, and since RealtyTrac elected not to furnish you with the complete address, I can't tell you anything else about it. If it has not yet been foreclosed, then the bank does not own the property. If the bank does now own it, we can't tell if it's on the market. And if it's on the market, we have no way of pinpointing the details of the listing without the exact street address. And without that information, we cannot tell you what type of financing and/or terms might be available on this particular home. Does that make sense?

As a general rule, you can purchase residential property with cash or financing. But the condition and location of the property will ultimately determine whether or not the type of financing that you qualify for can be used to buy the home. And the type of loan you use will determine how much down payment will be required.

You would be well advised to first secure the services of a Buyer's Broker Realtor to advise and assist you throughout the entire process. The cost to you is typically nothing, zero, zip ~ but the value to you could be immeasurable. Then you should obtain a referral/recommendation from your Realtor to a local, reputable mortgage lender who can help you obtain loan pre-approval.

Let me know if you have other questions, or if we can assist you further.


Randy Hooker
Buyer's Broker
2 votes Thank Flag Link Sun Mar 1, 2009
This is not a listing,it is a Realty Trac posting of a house in the foreclosure process. The information is pulled from public records. it is not yet on the market. When it does foreclose,it will be listed at market value which will be determined by neighborhood comparables at that time. if you are considering purchasing a foreclosure i suggest that first,you sit down with a reputable,local mortgage lender and get pre-qualified. Second,I urge yu to contact an experienced local realtor who can guide you through this tricky process & protect your interests.
1 vote Thank Flag Link Sun Mar 1, 2009

On any property, including this one, the loan terms will depend on you and not really on the property. If you and the property qualify for an FHA loan your down payment will be as low as 3.5%. That can go as high as 20% or more for second homes or investment properties.

Let me know if you will need more detailed information. I can let you know for what type and terms of financing you can qualify based on your personal circumstances.

ABR - Accredited Buyer Representative
0 votes Thank Flag Link Sun Mar 1, 2009
Thumbs up,Randy! Good answer!
0 votes Thank Flag Link Sun Mar 1, 2009
This is just like a regular home purchase. You need to arrange your own financing and close of escrow is just like a regular purchase of a home. If you would like someone to represent you through the process I would be happy to help.

Todd Lee
0 votes Thank Flag Link Sun Mar 1, 2009
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