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jesus t asked:
i’m looking on the east coast around titusville. i also need to know if i need all the money upfront or will i have time to get it?
i’m looking on the east coast around titusville. i also need to know if i need all the money upfront or will i have time to get it?
Tags: Buy A Condo, Florida Foreclosures, Money, Upfront
June 3rd, 2008 |
Tags: Buy A Condo, Florida Foreclosures, Money, Upfront
June 6th, 2008 at 9:25 am
Are you looking to buy a deal or a home? Foreclosures generally are in pretty bad condition because the people who couldn’t pay for them, tear them up before leaving! So my advise is get a Realtor to help you find a home. Deals are made at Flea Markets!
June 7th, 2008 at 11:40 pm
A good place to find information on foreclosures is. They have listings of houses/codos that were financed with FHA loans, and the owners defaulted. Their listings change daily as new properties are added and sold.
Some properties can be in fairly poor shape. A few are still in good condition. Prices can range from 27k to 200k (or more) depending on what area you’re looking at and the condition of the house.
If you find one you’re interested in, make sure you see it in person. Some real estate agents have the ability to show these homes, and they generally do turn up on an MLS listing. So you can just go to an agent and have them look for you. But if you want to browse through some available properties on your own time, for free on the internet, the HUD website is a good way to go.
Note: The HUD website is not a complete list of all forecosed properties everywhere. It is list of all of the properties owned by HUD that are available nationwide.
If you are interested in purchasing a HUD home, you have to make an offer through a real estate agent. If your offer is accepted, closing usually takes place within 45 days. You do not have to purchase in cash. You can get financing through any lender you choose, provided that you meet their qualifications. You can also get a loan from FHA (if you meet their qualifications).
What is helpful in buying any home, is to go and get “prequalified” for a loan at a bank. This will help you to understand how much you can afford to buy, and what kind of rates you qualify for. Some properties require a pre-qualification letter (from a bank) to accompany the offer to purchase (so they know that you’re serious, and capable of completing the purchase).
Good Luck