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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Depends on your local foreclosure procedure. Posted by Ward-CA- on June 16, 2002 at 7:46 AM In Reply to: Do I need all cash upfront for buying a fc prop.? posted by sarah on June 13, 2002 at 7:05 AM : Hi, : I am in the process of doing some homework on foreclosure properties. We want to purchase a forclosure for a first home to save us money. Also want to be in real estate investing in the future. My hubby and I are Computer Engineers [ am not working currently since I have 2 little kids.]. I am trying to learn as much as I can about foreclosure so I can work in it primarily. : MY QUES : Do we need to pay ALL the amount for the fc property in cash upfront at time of purchase? Or can we finance a foreclosure property just as a regular property? : My husband's credit is ok. Can we use this to get financing? : Since I am not working, can I get financing [ based on family : income]? : Also, I am reading things online...but any good book recommendations would be appreciated! : Thanks in advance for any helpful hints! : Sarah ========================= Sarah, Your question leaves out two critical pieces of information: 1. What state are you residing in? 2. Do you want to buy a foreclosure at the foreclosure auction or from the owner beforehand? Most non-judicial foreclosure jurisdictions, like CA and most western states, require the winning bidder at their foreclosure auctions to pay their bid, in full, at the time it is made. There's no allowance for paying part of it up front and the rest some time later. Therefore, if you don't have the money to bid at such sales your only alternative is to see if you can get a decent buy from an owner in foreclosure before the trustee's sale. Buying from the owner-in-foreclosure early enough will afford you the time to structure your purchase like a regular buy with all the normal accouterments of financing, escrow, title insurance, etc. A "good" book would be one written with your specific state's foreclosure laws in mind. To find one visit your local library under the keyword "foreclosure". Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I am in the process of doing some homework on foreclosure properties. We want to purchase a forclosure for a first home to save us money. Also want to be in real estate investing in the future. My hubby and I are Computer Engineers [ am not working currently since I have 2 little kids.]. I am trying to learn as much as I can about foreclosure so I can work in it primarily. : : MY QUES : Do we need to pay ALL the amount for the fc property in cash upfront at time of purchase? Or can we finance a foreclosure property just as a regular property? : : My husband's credit is ok. Can we use this to get financing? : : Since I am not working, can I get financing [ based on family : : income]? : : Also, I am reading things online...but any good book recommendations would be appreciated! : : Thanks in advance for any helpful hints! : : Sarah : ========================= : Sarah, : Your question leaves out two critical pieces of information: : 1. What state are you residing in? : 2. Do you want to buy a foreclosure at the foreclosure auction or from the owner beforehand? : : Most non-judicial foreclosure jurisdictions, like CA and most western states, require the winning bidder at their foreclosure auctions to pay their bid, in full, at the time it is made. There's no allowance for paying part of it up front and the rest some time later. : Therefore, if you don't have the money to bid at such sales your only alternative is to see if you can get a decent buy from an owner in foreclosure before the trustee's sale. Buying from the owner-in-foreclosure early enough will afford you the time to structure your purchase like a regular buy with all the normal accouterments of financing, escrow, title insurance, etc. : A "good" book would be one written with your specific state's foreclosure laws in mind. To find one visit your local library under the keyword "foreclosure". : Hope this helps. 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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