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SJSM
LIF Adolescent
Member since 1/09 764 total posts
Name:
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Foreclosure $ ?
When buying one, is it true that you need to pay all cash?
Or do you just need a certain % down?
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Posted 3/14/14 12:56 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Foreclosure $ ?
We bought pre-forclosure and only put down 3%. This was 6 years ago though.
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| Posted 3/14/14 1:23 PM |
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SweetSarj
LIF Adult
Member since 10/09 1592 total posts
Name:
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Foreclosure $ ?
There can be various loan programs for foreclosures available to you, with different %s for down payment. (Like a 203k rehab loan) You do not need to pay all cash.
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| Posted 3/14/14 1:34 PM |
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Strawberry2468
It's summatime
Member since 3/09 4739 total posts
Name:
Christine
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Re: Foreclosure $ ?
When bidding at a sale you need give a check for a certain amount down (I think 10%) and be ready to close within 45 days. With a short sale or REO property it's like buying any ol' home.
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| Posted 3/15/14 8:51 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Foreclosure $ ?
We purchased one in 2007 and put down ten percent.
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| Posted 3/16/14 5:51 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Foreclosure $ ?
it depends if the house is able to get a mortgage or not
if it can't get a regular mortgage- then you need to do a rehab loan
most aren't able to qualify for a traditional mortgage due the condition
the down payment depends on what you a personally qualified for
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| Posted 3/17/14 2:17 PM |
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