Foreclosures, can someone please spread some light on the subject for me?

Answers:2   |   LastUpdateAt:2012-10-19 22:44:03  

Question
Sel
Asked at 2012-08-28 07:49:03
ive been getting increasingly interested in foreclosures every newspaper I see wicked for low prices and make me doubt . I also realized that many of them are as payments of $ 200 a month for 30 years . I do not want to pay for a house for 30 years lol . MedlinePlus MedlinePlus and I'm really quite sure how this all works foreclosure . im 20 years old and I'm tired of living in apartments , although I have a job well established yet , but I'm hoping to get a promotion at my current job high enough in the next year so I can afford one . I need to get a cash advance or you can get a loan for a mortgage ? I would look at possibly buying one in the next two years .
Answer1deannaAnswered at 2012-09-11 06:02:08
30-year mortgage is standard MedlinePlus MedlinePlus no home for $ 200 a month or are MedlinePlus 1 - total wrecks MedlinePlus 2 located in economic zones with severe depression - no jobs within 40 miles
3 located in gang warfare / drug areas MedlinePlus MedlinePlus I know because I bought two houses last ear for less than $ 23,000 each - are in good condition , only found in the coal region depressed - I have a retired guy living in a - more you pay all costs me and my ex wife and children live on the other
MedlinePlus a home foreclosure can be sold AS -IS , ie if there are major problems with it or the previous owner wrecked the place you are stuck with what you get. the bank will not pay for repairs. you might get stuck with something that needs $ 20,000 in work before they would be allowed to move even in / get an occupancy permit MedlinePlus MedlinePlus it is better to pay for a professional inspection of the entire house including termites and radon gas before buying anything ( $ 400-600 cost to you ) and if the inspection turns up any problems , you have to decide whether to treat with them , because the bank or seller does not care - and if you decide to walk away after a bad inspection , then that money is spent on inspection MedlinePlus MedlinePlus Sure you can get a loan , you might need a large down payment - you need a minimum of 10 % effective for any type of home (maybe more ) for a down payment and closing costs
Answer2lakendraAnswered at 2012-10-19 22:42:49
The answer depends on what you 're talking about. If you want to buy a house in a foreclosure sale , you can not get a loan to do it - you have to use your own money . Mortgage lenders do not spend the time or effort MedlinePlus to value a house in foreclosure we do not know if it will be the successful bidder in the foreclosure sale . MedlinePlus However, I think that's what we're talking about. You seem to be referring to the homes that have been foreclosed and are now being offered for sale by the lender . You can get some really good deals on these properties . Lenders want to get rid of the property as soon as possible . They want the money , not property . You buy these properties in the same way you buy any other property . You bid , subject to approval of title , inspection and financing. Once your offer is accepted , you apply for a loan. If your credit is good , and the price is right , you receive one . You may have to put up to 20 % cash (hopefully less) , but the rest can be financed with a mortgage . MedlinePlus MedlinePlus By the way , do not worry about paying for a house for 30 years. These figures only reflect the conditions of the loan - you can always pay before , for example , when you sell the house or get tired of making monthly payments . Almost no mortgage actually lasts 30 years.
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