Buying foreclosed property?

[ohiolandlord]

Can you give any tips on buying/financing foreclosed property? Will lenders finance foreclosed properties?

[MDECELLO]

Thank you for your question and like many subjects there is not one cookie cutter answer and each scenario is different. I will try to bullet point some general points concerning Buying and Financing Foreclosures:

* Yes we can finance foreclosures and depending on your credit history we can go up to 100% of the PURCHASE PRICE (not what property may be worth)
* We suggest that you get prequalfied prior to attending and bidding on any properties. The application process is similiar to any traditional purchase or refinance.
* Buyers must do their homeowrk on property and very often you are not allowed to inspect the interior. We suggest you work with a Realtor that may specialize in finding these properties if you are not experienced in doing so. This may result in a Buyer Fee to Realtor but could potentially save you thousands if it helps you avoid making a poor purchase.
* In most cases I cannot finance a home that has Deferred Maintenance that an Appraiser would comment on when they appraise. Deferred Maintenance does not mean general upkeep or minor painting etc..
* Buyers should work with an Real Estate Attorney and/or Title Company to ensure no title issues prior to bidding

We have worked with clients that are both experienced in buying these and those that are not. We can assist in networking you with proper people to assist you in process and we can handle the financing. I know there are many programs out there stating how to get rich quick by buying these properties but there are also many pitfalls and should be approached with caution.

Please feel free to call me or email additonal questions and Good Luck.

Mark Decello
Assurance Banc Corp
Owner
Toll Free 866-997-7283

Find me on the web at http://www.assurancebanc.com