I have found a foreclosure property, what steps do I take to buy it and what percentage will I have to put down?

Asked by Lv Investor, Leavenworth, KS Sun Nov 15, 2009

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Patrick Thies’ answer
Patrick Thies, Agent, Anytown, IL
Sun Nov 15, 2009
What stage is the foreclosure? Is it going to sheriffs sale or has it already been foreclosed on?

If it's coming up for sheriffs sale, then you can put in a bid on the sale date. Offers on sheriffs sales need to be the highest and many times are cash only.

If the bank has already foreclosed and the property is listed for sale, then you can make an offer on it. Keep in mind that the banks are looking for the best and highest offers. You can put down what ever amount you want, but the higher the better.
1 vote
Maria Center, Agent, Middletown, OH
Mon Nov 16, 2009
Be sure to check into rehab financing too if you need it. A couple of the big lenders are offering it on the foreclosures right now to help move properties in need of repair and it can help bring distressed properties back up to livable at a reasonable rate.
Web Reference:  http://www.askaboutreo.com
0 votes
Ben Edsall, Agent, Kansas City, MO
Mon Nov 16, 2009
Lenders are looking for multiple offers now, so they can select the "highest and best". You will need to be pre-approved for a mortgage if you want to make any offers.

Lenders are requiring all offers be submitted with proof of funds or pre-approval letter.

The down payment will depend on your credit worthiness and your lender. Get together with a lender and see what you qualify for, then have a real estate agent or broker write up an offer on the property.

D. Ben Edsall
Broker - ARM, AEREP
Turn-Key Properties LLC
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