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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Generally you can't finance the upfront purchase of a foreclosure. Posted by Ward-CA- on June 05, 2002 at 10:02 PM In Reply to: financing posted by Mary on June 05, 2002 at 8:13 AM : Where is the best way to get financing if your credit isn't so good. Which banks will loan money to buy foreclosed properties? Banks usually want to do an appraisal and inspection before lending money, and since it's a foreclosed property and there are no disclosures, how can I obtain financing. Please help!!! : Thanks for the reply. : Mary :) ============= Mary, Generally, it's not possible to arrange financing to purchase a foreclosure at the auction sale. In those few instances (e.j. Hawaii) where you can buy a foreclosure with a 10% deposit up front, you have to be pretty sure you can qualify for a loan to come up with the balance of your winning bid within the following 30 days or face losing your upfront deposit. Thus you'd need to have pretty good credit to be sure of getting a fast loan without any hiccups. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Where is the best way to get financing if your credit isn't so good. Which banks will loan money to buy foreclosed properties? Banks usually want to do an appraisal and inspection before lending money, and since it's a foreclosed property and there are no disclosures, how can I obtain financing. Please help!!! : : Thanks for the reply. : : Mary :) : ============= : Mary, : Generally, it's not possible to arrange financing to purchase a foreclosure at the auction sale. : In those few instances (e.j. Hawaii) where you can buy a foreclosure with a 10% deposit up front, you have to be pretty sure you can qualify for a loan to come up with the balance of your winning bid within the following 30 days or face losing your upfront deposit. : Thus you'd need to have pretty good credit to be sure of getting a fast loan without any hiccups. : : Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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