I've heard bad things about buying foreclosure homes, is this true? If not can I still get a mortgage for this

Asked by Mathew Bernard, Hollywood, FL Thu Apr 16, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2004203650--Latona-Ave-Lak…

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,, , Jupiter, FL
Thu Apr 16, 2009
Yes, you can get financing. If the home is in poor condition and needs rehab, you may want to consider a 203k rehab loan from FHA. You can finance the renovations and get the house they wat you want it, as long as it appraises for the amount borrowed.

True, REO's and Short-Sales are sold AS-IS, but this does not mean they are bad homes. As the previous agent mentioned, many of these are in very good condition.

As long as you have documented income and your debt to income is within guidelines, feel free to go shopping! I recommend speaking with a mortgage professional well versed in foreclosures and the 203k loan program.
If you need any help, give me a shout.
0 votes
Linda Bassitt…, , Pinecrest, FL
Thu Apr 16, 2009
Dear Mathew,

The lowest home prices now in the Palm Beach County Florida area (where the home you linked to is in) are foreclosure and/or Short Sales.

If the home is bank owned, the approval time is much less than that of a Short Sale. There is nothing wrong with buying the homes, especially if you get a good deal.

Some foreclosures, however, do not allow you to get a mortgage. They must be all cash deals, and they are not "habitable". This is only a fraction of homes, as most homes are ok for mortgage approvals. The MLS listing will state whether or not this is a requirement.

Feel free to search my website for more homes for sale, as theres an IDX MLS search: http://www.LindaBassitt.com or call or email me for a list of homes matching your criteria.


Linda Bassitt, P.A.
Lowell International Realty Group
Harbour Financial Center
2401 PGA Boulevard, Suite 196
Palm Beach Gardens, FL 33410
Direct Line: 561.313.6961
http://www.LindaBassitt.com
Linda@LindaBassitt.com
Web Reference:  http://LindaBassitt.com
0 votes
Earl Cline, , West Jordan, UT
Thu Apr 16, 2009
There is realy nothing wrong with buying forclosure homes. In some cases they may need a lot of work becau8se the previous owner didn't take care fo them. You usualy have to buy them "as is" meaning the bank does not have to disclose any problems they may know about and are not responsable if the foor falls in after you buy it. So you need to buy with caution.

Some Forclosures are in great shape and are wonderful homes. In addition right now most banks have too many REO properties on their books and are desperate to get rid of some of them. You should be able to negotiate a great deal.

Financing a REO property is no different than anyother property. If you can afford the payment and have a good credit rating, you should get the loan.
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