Foreclosures Help Information

Posts Tagged ‘Foreclosed Homes’

Austin Texas Foreclosed Homes

Question: Foreclosed Homes In Austin Texas?

My fiancee and I are looking to buy a foreclosed home in Austin Texas within the next few months. We have little-to-no credit and we make less than $40,000 a year (combined). Our apartment's lease will end in April and we need to have a home lined up by that time. Is this even possible? We have NO idea where to start! Please help us!

Answer: If your credit is poor or non-existent, you will need to apply for a FHA loan in order to obtain any financing whatsoever. Contact a lender to find out what amount of money you will be able to borrow to purchase a house. Then contact a qualified real estate buyer agent to assist you in your house search. Don't limit yourselves to only foreclosed houses. They aren't the fantastic deals which many make them out to be. Any lender selling a foreclosure will seek to get as close to market value as is possible.

Good luck.

Austin Tx Hud Properties Home buying Process

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

How Do Foreclosed Homes Work

Question: How do I purchase a foreclosed home and is it a good idea?

I am looking for a home for my first house, and even though I have some time and can save a bit, I need to know if its a good idea for someone on limited income to consider living in a home thats been foreclosed on, and possibly invest in a couple of other properties at some point. How does the process work and is it a good idea for a first time buyer? Also keep in mind I am living in Virginia now and am looking at the possibility of a home in the New York City area so I can move there to kick off my career(I am a theater student currently).

Answer: Its a really good idea. Most of foreclosures already have equity which is a great start. Umm Foreclosures are owned by banks or a morgage company and some properties are sold in an Auction which require it to be a cash buy.

Larry fights foreclosure in Los Angeles, CA

Illinois Foreclosed Homes

Question: Does the FHA appraisal require appliances?

My agent insists that it does. I am FHA approved and looking at foreclosed homes which usually don't have appliances. My agent has said that I must install appliances prior to the appraisal, but I risk the chance of not getting them out of the house in case I don't close. I live in Illinois if it makes a difference!

Answer: FHA 100% requires appliances. The house has to be in move in condition.

FHA rarely approves foreclosures, you really should be looking at normal homes if you want FHA approval. The biggest problem is getting all of the water and power up and running prior to the inspection, the banks are not so great about that. This is the main reason most will not accept FHA bids, just too much of a hassle.

Can you believe California has nearly one fourth of the countries foreclosure filings!?!