can you finance a foreclosure?

Asked by Paul, 75068 Tue Jun 21, 2011

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7
Bruce Lynn, Agent, Coppell, TX
Wed Jun 22, 2011
It depends. Typically you cannot buy and finance on the courthouse steps, but most of those are repurchased by the lender. Once that is done, you can buy them as a REO and obtain normal financing.

Feel free to call me and I can walk you through the process step by step.
Web Reference:  http://www.teamlynn.com
0 votes
Steven Babco…, Agent, Denton, TX
Tue Jun 21, 2011
Normally, yes. But Lynn is right. It will depend on the condition of the house.
If it is an FHA loan than you would also be able to have money lent to you to fix it up via a 203k loan. If there are major structural problems, then the bank might decline. What type of foreclosure is it?
Web Reference:  http://SteveBabcock.com
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Jun 21, 2011
In some instances NO if there is severe foundation issues WHERE a lender will decline a loan for that property.

Each property stands alone, why with a good Realtor can save you money when they can detect structual issues that more than likely would require a CASH BUYER

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Bill Eckler, Agent, Venice, FL
Tue Jun 21, 2011
Absolutely...however, in many cases the lenders prefer cash deals over financed ones. A local real estate professional will best be able to advise you and guide you through the purchase process.

Good luck,

Bill
0 votes
Cynthia Cont…, , San Jose, CA
Tue Jun 21, 2011
Yes you can. The rules for financing are generally the same for a foreclosure and a standard resale home.
0 votes
Stephanie Le…, Agent, Miami Lakes, FL
Tue Jun 21, 2011
Yes.. If the property qualifies for financing..
0 votes
Shanna Rogers, Agent, Murrieta, CA
Tue Jun 21, 2011
Hi Paul,

Yes, lenders will give you a loan to purchase a foreclosure - as long as you qualify for the loan.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
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