I WANT THIS BUT CANT PAY ONE LUMP SUM! :-(

Asked by jpgunn06, Long Beach, CA Thu Nov 3, 2011

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This question is about this property: http://www.trulia.com/foreclosure/3067118952--Coronado-Ave-3…

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4
John Zimmerm…, , Long Beach, CA
Fri Nov 4, 2011
I know it's tempting and confusing when you see opening bids like this on a home. The very first thing you need to do is step back and determine which lien is foreclosing. This is a most likely a Junior lien meaning you also will be responsible for all the liens that are Senior to it, basic terms, if the 2nd trust deed forecloses on a property they still have to pay off the1st trust deed. Some people have actually made this mistake thinking they were buying a $300K home for $15K when they find out that it was an HOA or 2nd or 3rd Trust deed foreclosing, that's an expensive lesson you want to avoid! Since it sounds like your low on cash, trustee sales are not the best way for you to purchase a property and my advice would be to get approved on one of the available first time buyer or low down payment loans available today. You'll have more protection since you'll know you're receiving clear title and will have the ability to conduct property inspections, etc. I'm happy to help, contact me and we can discuss your goals. Thanks, John
0 votes
Fred Sweezer…, Other Pro, Long Beach, CA
Thu Nov 3, 2011
How Much Home Can You Afford?

Providing the information below will allow you to calculate how much you can afford to spend on a home. However, many additional factors play a part in the loan qualification process.

http://www.ginniemae.gov/2_prequal/intro_questions.asp?Secti…
0 votes
John Schneit…, Agent, Long Beach, CA
Thu Nov 3, 2011
This property is going to auction. It will sell for far more than the opening bid. The best way to A. Get qualified for a home and B. Find the best home for your budget is to consult a qualified agent. I would be happy to speak with about the home buying steps needed when financing is a requirement.
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Scott Kato, Agent, Long Beach, CA
Thu Nov 3, 2011
i highly doubt that is the 1st TD go to sale. to me it appears to be a 2nd TD. if it doesn't sell at auction it will show up as an REO for market value. when that occurs you can get a loan. assuming the property is fha approved you could buy it only 3.5% down. with that being said, the market value is somewhere in the $350k range if i had to guess. surely i could pull comps and get specific but this gives you an idea.
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