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How do you purchase a property that is foreclosed?

I'm looking to rent or flip a property, and would like to know the process for purchasing a foreclosure property. by heman0044221473 from Lake Elsinore, California. Jan 17th 2017 Reply


Wade Miller (wadeger)
#791 ranked lender in California - 6 contributions

It is essentially the same as buying a home owned by an individual. In this case, the home is owned by the bank. The types of financing are virtually the same. If you need help with financing, my name is Wade Miller at 714-292-4198. Thank you.

Jan 17th 2017
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Elva Wormley (ElvaWormley)
#787 ranked lender in California - 26 contributions

The first step is to get pre-approved if you haven't already done so. Please feel free to give me a call at 408-615-8500.Elva WormleyC2 Financial Corporation

Jan 17th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

Get with a mortgage lender and get pre approved.. then get with a real estate agent and let them look for the property.. For fix and flip loans, there are companies out there that do short term, high fee, high interest rate type loans but they require large down payments, but the benefit is that underwriting is not strict.. they are lending on the property and the equity position.. if you are looking for a property to rent out, then conforming financing is your best bet.. 20% down, but 25%+ is preferred.. This allows you to get the better pricing and lower fees than short term fix n flip loans.. Regardless, getting with a qualified loan officer, and preferably one who is experienced in RE investing (Like myself) is crucial.. WilliamAcres.com Arizona/California NMLS# 226347 480-287-5714

Jan 18th 2017
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

I am happy to assist you in qualifying and provide some of my much earned wisdom in locating good opportunities! Typically, you will look up postings with your local municipalities. Some realtors keep a pretty good eye out for opportunities. I have observed auctions on courthouse steps. I have enjoyed many hours watching foreclosed or bank owned properties purchased and the remodeling for the flips. A lot of fun. Of course, the reality can sometimes be more mundane then featured on various television series.

Jan 18th 2017
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Mike and Jill Kohler (LenderMike)
#32 ranked lender in Pennsylvania - 56 contributions

The best thing to do would be to contact a local real estate agent. They will be able to see what bank owns the home, and any particulars of the home that may be of interest to you, ie. condition of house, as-is, etc. Also if the house has a lot of damage, you may not qualify to get a mortgage on it, you may need to pay cash.

Jan 22nd 2017
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