I might know a lady who can answer your questions. She was just explaining me last week how it works, she represent the special gov programs where they pay your down payment, closing costs. You need to qualify. Shoot me email and I'll forward you her contact information.... more
I know of a company that offers assistance to buyers in purchasing at Trustee Sales. A trustee sale is an auction that occurs on the courthouse steps by a bank before it forecloses on a property where they have served a notice of default. The issue with trustee sales is that they require a 100% cash purchase at the auction, which rules out 99% of the buyers out there (who has a few $100k laying around?). The company that I know of can purchase the property on your behalf and sell it back to you for basically a 10% mark-up fee plus slightly increased closing costs associated with their contract. But they provide information and services only on properties that make sense to purchase... those properties that have the potential to sell at the auction for $0.60-$0.70 on the dollar.
Shoot me an email and I would be delighted to put you in direct contact with an agent at that company.