What does it take to buy a foreclosed home?
Written on December 23, 2009
I will be graduating nest august. I was advised to buy a foreclosed home. I think I should as the house would be my own as opposed to renting someone else’s place. I have no experience though. I want to take advantage of the housing market while it is down. What should I do?
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Filed in: Foreclosure News.
It is exactly like buying any other house, with one exception. YOu make an offer. You get a signed acceptance. You fill out a mortgage application. You inspect the house. YOu deposit your down payment. You are given a deed and the keys. You move in.
The difference is that the seller will do no repairs for your sale. So you must make crystal-clear to your lender that you must choose a loan that requires no repairs. If you do that one thing, you can have a great experience..