i have great credit and want to buy a foreclosure home..do i need to have the money already borrowed or will the selling bank work with me?

Asked by Sandi, 42134 Sun Jun 3, 2012

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Roland Vinya…, Agent, Sprakers, NY
Mon Jun 4, 2012
Many of the foreclosures are purchased by cash buyers. That's who your "competition" is. You will find some of the banks don't want to deal with a buyer who has a contingency to get a mortgage. The less contingencies there are, the better they like the offer. At the very least, make VERY sure you can get the money. A letter of credit may go a long way in this direction, not as good as having cash in hand, but at least you won't be paying interest on a home equity loan ahead of time.
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