if this house is in foreclosure, would a bank giove me a loan for this purchase?

Asked by Yolande Edwards, Brooklyn, NY Wed Nov 12, 2008

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Bob Kienast, Agent, North Royalton, OH
Wed Nov 12, 2008
In a word Yes. As long as the property appraises for the purchase price, and you can qualify for the loan, the foreclosure does not affect your ability to finance the property. It may be difficult to have a proper inspection done if the utilities are off, and the bank will usually not offer to make any repairs to the home based on the inspection. These properties are truly buyer beware and are sold " As Is. "

Make sure you check with a lender before making an offer on a bank owned property, or any property for that matter. You don't want to be halfway through the process and find out you dont qualify !!

Feel free to contact me directly
Web Reference:  http://www.bobkienast.com
1 vote
Khayyam Jones, Agent, Provo, UT
Wed Nov 12, 2008
Bob is right. Your ability to purchase the property has nothing to do with the status of the property being in foreclosure. However, you want to be sure to inspect the property as best as possible under the circumstances. You absolutely need to be pre-qualified (better yet, get pre-qualified) and plan on no concessions or repairs (and warranties) from the seller or the bank. I would also anticipate have a "slush" fund for repairs that you uncover after the purchase of the property.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Nov 12, 2008
You need to contact a mortgage broker who can qualify you for a loan. Based on lender approval work with real estate agent who can submit a sales contract purchase the property. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
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