Buying foreclosed homes or just really cheap homes?

Asked by cmn1967, Cape Coral, FL Sat Apr 20, 2013

When i go searching through the listings i find houses still 80 grand and below most saying foreclosure, bank owned, pending or under contract. How do you go about buying one of those at such a great price? With prices climbing so quickly here some of us did not get the chance to buy when properties were way way low and are still not able to qualify for a higher loan amount and as far as i go i do not want that much of a loan anyway, i do not want to live house poor. But now that i finally am able to purchase there is not many cheaper homes left. I put in for a 70k loan and got a pre approval so now how do i buy one of those cheap houses for me to live in? HELP!

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7
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Apr 20, 2013
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You may need to step it on up to get anything decent.

On a 110k purchase with only 3% down, can you afford a less than rent payment of around $700 mo?

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0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Apr 20, 2013
When you are serious about buying, contact a Realtor near you. When you are looking and thinking about it here is a good place to be.
0 votes
Barry Smith, Agent, Saint Petersburg, FL
Sat Apr 20, 2013
You should contact a Realtor in your area and they can help you find any type of house listed...short sale or bank owned. The term short sale ( the bank agrees to sell the house for less than is owed ) is used while the owners are still living in house and trying to sell it. It is only in foreclosure a split second, technically, then it is bank owned. If you do not know any Realtors in your area, please contact me and I would be glad to refer to you a qualified Realtor.

I would also add that buying a short sale or bank owned, at least in my area of St Petersburg, will usually require some out of pocket money to to fix ups as the property has usually gone through some deterioration since the owners did not have the money to keep it up. You might consider an FHA 203k Renovation Loan which allows for a portion of the dollar amount of renovations to be rolled into the loan. My point being, you may find it more cost effective to look at houses priced higher but in better condition so you dont have to spend out of pocket money ( after you buy it ) fixing them up.

If you have been preapproved, you need to know how long that preapproval is good for. Ask your lender....and be aware to ask how much the lenders FEES are.

Barry Smith
Excellent Service Realty
727-773-6677
0 votes
Cody Anderson, Agent, Minneapolis, MN
Sat Apr 20, 2013
I suggest using a buyers agent. They are free and will look out for your best interest.

I have a great Remax agent near by you that I could recommend!

Take care,


Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752
0 votes
Douglas Robn…, Agent, Cape Coral, FL
Sat Apr 20, 2013
Call me and I can send you some listing and help you get started.
Go to my website and sign in
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Douglas Robn…, Agent, Cape Coral, FL
Sat Apr 20, 2013
Call me and I can send you some listing and help you get started.
Go to my website and sign in
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Sat Apr 20, 2013
Be quick and be aggressive - don't expect a discount. Offer favorable terms, no repairs etc. Your real estate professional can help you formulate a plan of attack.
0 votes
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