Posted by Calvin on December 24, 2005 at 16:32:16:
Serious? He was ready to pay $1.05 mil for it? Wow … I’m a novice at foreclosures, but sheesh …
additional funding - Posted by mdrew
Posted by mdrew on December 24, 2005 at 24:11:19:
He is my situation. I’m looking into buying a forclosure at and sheiff sale in elizabeth nj. This property will be my home for 2 to 3 years. I have 12k in the bank, I already quailified for a FHA and convential loan. The only minor issue I have is to come up with another 15k to put with my 12k to cover the 20% down to secure the property. I done all my research to get the house and now I’m here on this site to see if anyone knows someone in nj who lends this type of loan. The sheiff sale is on 1/4/06 and I really want this particular property for my personal dwelling an future investment property. I appreiciate any feedback. I know someone on this site may ask how can I come up with an exact 20% down payment cost. The reason for this is because I’ve been at this forclosure for about 6 months and I figured out the price flutuation from the original price and bid price
Re: additional funding - Posted by fha grants
Posted by fha grants on December 26, 2005 at 18:14:19:
There are FHA loan downpayment grants that could help you with your downpayment although you can get funded through FHA or conventional loans for as little as 3-5% down. Keep in mind that FHA loans require that you jump through many more hoops than conventional loans and purchasing at auction may not be conducive for getting such loans or grants.
Re: additional funding - Posted by safety
Posted by safety on December 26, 2005 at 17:32:52:
Are you absolutely positive you know about all of the liens/potential liens levied on the property? Don’t get surprised by a hefty IRS lien or something else that could show up later along with a house sold at auction. It’s safer to buy a house as a preforeclosure or as an REO (after bank takes it back) because you can then get TITLE INSURANCE which will protect you from any claims on the property. If you are a beginner, you really should start with a safer approach than auctions in order to protect yourself as much as possible from potential loss.
Re: additional funding - Posted by David Krulac
Posted by David Krulac on December 24, 2005 at 07:08:43:
if you’re qualified for FHA, you can finance 97% for owner occupied, only need to stay 1 year, and you won’t need 20% down. of course you need to qualify for the loan at 97%, but FHA is more liberal than conventional with front end and back end ratios.
In the spirit of the seson, since I gave you some thing from my 4 decades of experience, I’d like some present from you. could you further elaborate how you know the final bid price before the sale. I’ve been buying foreclosure property for a long time and have seen wild fluctuations particularily of late as there are more bidders and more novices.
At one recent sale a bidder was there for one specific house and that house alone. The bank started at something around $400,000, he bid up to $650,000 and was the high bidder. THEN he asked the sheriff if his was was added on top of the upset price. The sheriff said no and the high bidder just saved himself $400,000! Merry Christmas.