I know there are quite a few people who were looking into Foreclosures so I figured i'd post this---
Channel 7 news just said that the President is looking to help people at risk of going into foreclosure by allowing them to refinance their homes.
Don't know when this will go into effect....
FH and I found a gorgeous home in NJ...5 rooms, huge foyer, huge yard, Central everything...Built in pool with deck.....stucco.....for $320K. Could probably sell for double that......only problem is that it is too far away from our jobs. But anyway---if you haven't looked into foreclosures....it's a good idea!
Espo22
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only thing to keep in mind is that you'll need ALL the down payment right then and there for a foreclosure and the downpayment on a foreclosed home is more than regular...so if you find something, when you get this done, theyll turn to you and say $50,000 and you need to have it with you
jerrys girl
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foreclosures would be great, but i heard that you have to pay in cash. in ny they won't give a mortgage out.
Espo22
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so unless you have $50,000 to give in a week or two weeks notice, def think about it
Mrs.D08
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Yeah I work for a mortgage bank and have been looking at foreclosure properties for some of my clients. They are a lot out there.
Espo22
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Posted by jerrys girl
foreclosures would be great, but i heard that you have to pay in cash. in ny they won't give a mortgage out.
yeah exactly, forgot to say its cash
jerrys girl
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Posted by Espo22
Posted by jerrys girl
foreclosures would be great, but i heard that you have to pay in cash. in ny they won't give a mortgage out.
yeah exactly, forgot to say its cash
oh so you only have to pay the downpayment in cash? so you can take out a 80/20? i don't even know where to look for a foreclosure. my cousin bought a foreclosure years ago and what the people did before they left was cruel. and something similar happened to my neighbor. let's just say they people let their two dogs go to the bathroom all over the house, not outside at all.
040508Bride
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you don't buy the house in cash, you DO put a bigger downpayment.
jerrys girl
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ok i am getting foreclousures and auctioned houses wrong then?
040508Bride
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it really depends on the house. We went to an auction and that was cash. The foreclosure that we really loved we just had to put a dp of about $67K. This was also in NJ....idk if its different there, or based on the bank
Espo22
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Posted by 040508Bride
it really depends on the house. We went to an auction and that was cash. The foreclosure that we really loved we just had to put a dp of about $67K. This was also in NJ....idk if its different there, or based on the bank
67k is a big deposit to come up with in a short amount of time
Espo22
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Posted by jerrys girl
ok i am getting foreclousures and auctioned houses wrong then?
even if you pay with a check or whatever you want, you need to come up with it soon...its not like when you buy a home and the process takes 3 months, and you can wait for a loan from the bank and all that
040508Bride
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Posted by Espo22
Posted by 040508Bride
it really depends on the house. We went to an auction and that was cash. The foreclosure that we really loved we just had to put a dp of about $67K. This was also in NJ....idk if its different there, or based on the bank
67k is a big deposit to come up with in a short amount of time
absolutely...that is the downfall with a foreclosure
Espo22
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Posted by 040508Bride
Posted by Espo22
Posted by 040508Bride
it really depends on the house. We went to an auction and that was cash. The foreclosure that we really loved we just had to put a dp of about $67K. This was also in NJ....idk if its different there, or based on the bank
67k is a big deposit to come up with in a short amount of time
absolutely...that is the downfall with a foreclosure
yup i know...my dad has done this before, buy foreclosed property and stuff and i forgot exactly how it all works but yeah dont think we're gonna go this route.
040508Bride
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yeah.....it stinks...if you have the money to do the DP though, it could be worth it
Mici n KC
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Posted by jerrys girl
ok i am getting foreclousures and auctioned houses wrong then?
Auctions are literally what they are and the house comes as is and you're competing with contractors and everyone else that has the money to lay out.
Espo22
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Posted by 040508Bride
yeah.....it stinks...if you have the money to do the DP though, it could be worth it
OH yeah definitely...if i sell my apartment i'll have alot to be able to put down so maybe i should look into this but really not worried about it now...is it weird that at the moment i am not concerned about where we're gonna live and dont want to think about it now lol
Espo22
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Posted by MiciB115
Posted by jerrys girl
ok i am getting foreclousures and auctioned houses wrong then?
Auctions are literally what they are and the house comes as is and you're competing with contractors and everyone else that has the money to lay out.
yeah and you can't see the inside, right?
Espo22
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and yeah exactly like you said about contractors and others doing it...my dad would do the same thing with a friend of his that owned a contracting company so they would fix it up themselves and sell it
MrsD71208
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I'd really think about buying anything until you are ready to......what I mean is whether it's foreclosure or not, you should have at least, or close to $100K to play around with for a DP...if not, your payments will be crazy! Good luck with whatever you choose : )
