That's kind of like asking "if I beat a victim to within inches of his life, will I be charged with a crime since he didn't die?". If you want to borrow any sum of money (be it 60% or 100% or even 5%) you are going to have your credit checked. That's the only way lenders can decide if you're worthy of receiving their money and knowing if you might pay them back. Unless you are dealing with a less reputable form of lending...... more
The first thing you need to do is: choose an agent who specializes in foreclosures! Working with an agent cost you nothing!
If you don't know have an agent, call me and I'll help you!
This can be a very good thing for you, if you have good tenants. I would strongly recommend that you read the Landlord and Tenant laws so you know what you are required to do by California State Law. You can find those at www.dca.ca.gov... more
I have found that is not always the case. I would recommend that you have your agent stay in close contact with the listing agent for this property. Also you should continue to look for another home and consider putting in a second offer on any other homes that you may like. Your agent can explain this process further to you. This will give you a back-up. This is especially true if you're looking in the short sale or bank owned markets. Good luck!