How to persue foreclosed properties, is their a credit check involved.?

Asked by Happycamper39, Columbia, SC Sat May 8, 2010

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Ed, , Columbia, SC
Sat May 8, 2010
Yes, there is a credit check involve if you need a loan. Is the same financial process as buying a new home. Remember that foreclosure properties are sold in as-is condition ( High risk ) in terms of investment. Ensure you have enough cash, in case you confront a surprise costly repair.
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James Wehner, Agent, Scottsdale, AZ
Sat May 8, 2010
Not if you are going to be paying cash. All you will need then is the proof of funds. If you plan on doing any type of financing other than from a private lender, your financing will most likely be dependant on your credit.
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Kris Deaton, Agent, Irmo, SC
Sat May 8, 2010
I agree with Anna. You will have to qualify if you want a mortgage loan. There are a couple of programs that allow you to borrow additional funds to make repairs - one is called the 203K program. It's a little involved but well worth it. Also, It often takes longer to close on foreclosed properties, particularly HUD properties, so be prepared to be patient.

Let me know if I can help! I love finding good deals for my clients! I've even found a couple for myself.

Hope that helps! If you need or want more information, let me know.

Kris Deaton, Realtor
Accredited Home Staging Specialist
Shumaker Realty, Inc.
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Anna M Brocco, Agent, Williston Park, NY
Sat May 8, 2010
If buying with a loan--You need to visit with any qualified loan officer(s) first, see what your budget can handle and have your credit checked--their scoring is different-- determine which mortgage product will best suit your needs, and ask for a mortgage pre-qualification/approval letter--if buying in cash, proof of funds is required--your agent can advise you best--keep in mind that sometimes not all foreclosures are such great bargains, therefore don't pass up traditional sales as some can be a better buy than a foreclosure.
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