Hi Lucia-
Erica Pittman-Gaynor with Keller Williams here. As both Ernesto and Lonna pointed out you do not always need to have all cash to buy a foreclosure. However sometimes you do. It is on a case by case basis and depends on the condition of the property. I have closed numerous Bank-Owned transactions this year with my Buyers. Some were all cash and some were with as little as 3.5% down (FHA). I would be more than happy to direct you to a trusted, local lender with a great reputation. Just shoot me an email or give a call if you need more assistance. Hope this helps, have a great day and good luck~
Erica
831 818-4123 - Thu Nov 12 2009, 08:22