I’m interested in purchasing a home thru a foreclosure auction next month. I’m a first time home buyer and do not have enough to buy in cash. The city I live in requires 10% down + a bond. I then would have thirty (30) days to pay the remaining amount. I can afford the 10% deposit if it sells at appraisal value. What are my options for financing? Is this even possible?
Foreclosure Auction Financing Question
byu/ChubbyDumpster inRealEstate
Posted by ChubbyDumpster
2 Comments
maybe you’d like to talk to a qualified lender.
If your fiancés, income,credit score, etc are good…qualifying and get a loan funded in 30 days is doable.
But….
—you would have to have access for an appraisal and insurance inspections, which you most likely will not have
—with utilities off, you may not be able to get the appraisal and insurance inspection done
—the property would have to currently be in financeable condition with no necessary repairs
—posting the required bond will be an issue unless you have other assets of equal value
It is highly unlikely you’d be able to do this.