mallisa j asked:
I am interested in getting a repo house and have been looking at a lot of them my question is do you have the pay the remaining amount due on a repo house upfront or do you get signed up for finance? is there a way that I can get a loan so i can make monthly payments instead of having to get the whole amount due up front?
Landlord
on Dec 22nd, 2009
@ 4:26 am:
Kansieo.com
If you are talking about an auction, you have to come up with the money within 30 days.
If you just want to buy a bank owned home it is exactly the same as buying a home owned by anyone else.
loanmasterone
on Dec 24th, 2009
@ 2:18 pm:
Website content
There is a listing price for the house, in order for you to purchase the house you would need to make an offer through the bank/lenders real estate agent. Your offer can be less that the listing price so make sure you do your home work about submitting a offer on the property.
Your real estate agent should be able to come up with a way to evaluate the house without you paying anything immediately.
Prior to any offer or attending any real estate auction you should locate a mortgage banker/lender in your area to be pre-approved to purchase a house.
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some use to you, good luck.
“FIGHT ON”
chatsplas
on Dec 26th, 2009
@ 3:27 am:
Website content
Houses are foreclosed upon, not repo’s.
With auction you read the terms, usually full payment within 30 days. Whether cash or mortgage they don’t care.
Talk to a lender and see.
Foreclosed homes are sold at auction and through realtors. There are also short sale homes, when home owner and lender are taking a LOSS on property. They all require patience and perseverance by potential buyer.
David Z
on Dec 29th, 2009
@ 7:19 am:
Create a video blog…instantly.
The bank will list it for sale with a realtor and you can offer any amount you want.
The bank will have taken care of liens and past due taxes.