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Can you buy a foreclosure by getting a loan? Or do you have to pay cash?

by aidan.s9546 from Marshall, Wisconsin. Sep 18th 2015 Reply


Ritchie Baumann (Ritchie)
#28 ranked lender in Wisconsin - 28 contributions

Yes, you can buy a foreclosure by getting a loan. I see you are from Marshall, WI. I grew up in Waterloo and am a lender in Madison. Contact me at Ritchie@trustprovidence.com and I can give you more information.

Sep 18th 2015
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 662 contributions

Buying a foreclosed property is no different than buying any other property. Yes, you can get a mortgage on it. You are required to qualify as with all mortgages. Credit, income, assets, etc., they all come into play in getting approved. In other words, you could be looking at 2 properties right next door to one another that are for sale. Each is eligible for a mortgage. The fact that one is a foreclosure and one is not, has no bearing on obtaining a mortgage.

Sep 19th 2015
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Mandy Fritsche (mortgage.mandy)
#35 ranked lender in Wisconsin - 20 contributions

Purchasing a foreclosure home is no different than a regular home. Where most issues arise is the condition of the home. We are able to do conventional, fha & renovation loans depending on what the condition of the home is we have the right loan for you. Please contact me if you would like to discuss your situation further. Sincerely, Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211I am able to originate in WI262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.comwww.MyProspectMortgage.com/mfritsche

Sep 21st 2015
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David R Youngs - Assistant Vice President (DavidRYoungs)
#66 ranked lender in Minnesota - 47 contributions

You definitely could get financing for this. It would work the same way it would for any other property as well. The biggest factor to be prepared for though is the timing of things. When you are buying a property that is bank-owned, sometimes they may take some time before they accept the offer. You may have to deal with them multiple times and negotiate on various points within your offer. Once they accept the offer, (after them taking their sweet time) they usually will insist on a fast closing from them, often within 30 days. When buying a bank-owned home using financing, it is VERY important to work with a mortgage professional that has experience with these type of homes and can help you fully prepare for the purchase. I am a state licensed Consultant and work with clients across both MN and WI. Feel free to call me anytime if you want to have a conversation, without any obligation. Thanks! David R Youngs - 866-680-2840 Ext 12 or dyoungs@progressivels.com

Sep 21st 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You can use a loan. The key is what condition the home is in. Some foreclosures will need a rehab loan or cash buyer to get them up to standards that will pass the guidelines

Sep 21st 2015
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

All foreclosed homes need to be purchase some how. You can go to your local lender and get pre-approved and then work with a real estate agent for these type of homes. Now placing your offer on the foreclosed home maybe a little more time consuming as the bank may need to approve the sales price.

Sep 21st 2015
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