Go over these questions with your Realtor. If you do not have a Realtor, you need to hire one, they will be able to go over Buyer Costs and in today's environment, there are no hidden fees, everything is disclosed on the Settlement statement.... more
Buying a foreclosure vs a standard private party sale won't make much of a difference in this case. You still have to qualify for the loan either way. So, as the others said, your best bet is to meet with a lender to see if you would qualify for any mortgage programs. If you qualify or not will depend on how damaged your credit is, debt to income ratio, down payment, income, job history, etc.... more
This is just an opinion of course, but unless it is a major deterrent like a whole in your wall, I suggest to clients to keep expenses to a minimum. Most of them are already losing $ and bottom line, making sure the house is "seen" or viewed by the largest pool of people (interested buyers) and price are two of the best to get a house sold quickly in this market. Compared to short sales and REO, which your house will be compared too, which a lot of times do not even have appliances, whatever you have could be seen as an upgrade compared to nothing or a barren spot on the wall where the appliances used to be.
Best of luck.
Anna is right. Right now in Wisconsin, the homes that are on the market is because people need to sell. During the GOOD times people were just moving around. Now if the home is on the market there is a big need. Short Sales also might be somewhere to look. There is a very long foreclosure processes in Wisconsin a lot longer then a lot of states. So sometimes we are seeing homes where no one has been in it for 2 years. Some have water damage because the pipes have broken in the walls. Sub pumps aren't working and the basement have gotten water in them. Short sales a lot of the time the owners are still there taking care of the home.
Homestead Realty Inc
Just got this from my lender: Well Fargo
"It is official USDA loans are now available with conditional commitments. This means we are taking applications again. Please note that USDA has increase the Guarantee Fee for Purchase transactions from 2% to 3.5% which can be funded in the loan. Just a reminder that USDA loans are 100% LTV for qualified buyers in qualifying areas. " Thought this might help you. His email address if yoy have any questions is
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