Comments on: How much money do we really need to buy foreclosures before or at auction? http://www.mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction how to buy foreclosures Tue, 24 Jan 2012 06:19:59 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: mdaleks http://www.mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction/comment-page-1#comment-31 mdaleks Tue, 15 Dec 2009 18:14:59 +0000 http://mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction#comment-31 Here's is what I'd suggest to do. Buy up shortsales. Typically, they are hard to find, but you can get homes 20-30% discounted. Secondly, on a 20% discounted home, you can get 80% LTV financing, which is easy to get and 100% financed. Since it is hard to find shortsales, I do have a lot of contacts and can help you find shortsales across the country. If you're serious, or have questions, just email me. markaleks@gmail.com<br><b>References : </b><br>http://www.investblu.com Here’s is what I’d suggest to do.

Buy up shortsales. Typically, they are hard to find, but you can get homes 20-30% discounted.

Secondly, on a 20% discounted home, you can get 80% LTV financing, which is easy to get and 100% financed.

Since it is hard to find shortsales, I do have a lot of contacts and can help you find shortsales across the country. If you’re serious, or have questions, just email me.

markaleks@gmail.com
References :
http://www.investblu.com

]]> By: BillBrow http://www.mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction/comment-page-1#comment-30 BillBrow Tue, 15 Dec 2009 18:00:59 +0000 http://mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction#comment-30 You raise money through a Home Equity Loan and then refinance later, that gives you all the cash you need to close at auction. Or you could use your line of credit or a Hard Money loan if you are pre qualified for a conventional mortgage and just need bridging finance. Some investors at auctions join partnerships with other passive investors. You could form your own pool with family and friends. With pre foreclosure there are some other options you can work out with the seller, such as assuming their loan(s) with lender's agreement and curing their default, or purchasing "subject to" when the loan stays in the seller's name, even substituting a rent free stay in the house for the seller instead of a down payment. Wraparound loans aren't legal in some states and are difficult to administer. I think since you have enough equity to get a line of credit then as long as you ensure you don't bid for more than the amount you have available in cash using this, minus repairs and costs you have a sound base. Some first time investors I know started off building their working capital by doing the donkey work, securing deals in preforeclosure and taking a finders fee from a pre-identified source of investors.<br><b>References : </b><br>http://www.foreclosuredeals.com/foreclosure_real_estate.html You raise money through a Home Equity Loan and then refinance later, that gives you all the cash you need to close at auction. Or you could use your line of credit or a Hard Money loan if you are pre qualified for a conventional mortgage and just need bridging finance. Some investors at auctions join partnerships with other passive investors. You could form your own pool with family and friends.
With pre foreclosure there are some other options you can work out with the seller, such as assuming their loan(s) with lender’s agreement and curing their default, or purchasing "subject to" when the loan stays in the seller’s name, even substituting a rent free stay in the house for the seller instead of a down payment. Wraparound loans aren’t legal in some states and are difficult to administer.
I think since you have enough equity to get a line of credit then as long as you ensure you don’t bid for more than the amount you have available in cash using this, minus repairs and costs you have a sound base. Some first time investors I know started off building their working capital by doing the donkey work, securing deals in preforeclosure and taking a finders fee from a pre-identified source of investors.
References :
http://www.foreclosuredeals.com/foreclosure_real_estate.html

]]> By: Gregg http://www.mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction/comment-page-1#comment-29 Gregg Tue, 15 Dec 2009 17:31:59 +0000 http://mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction#comment-29 If you buy it at auction you will most likely do it on the courthouse steps and you need cold hard cash. As far as investment property, in the current market it would be safe to put away roughly 10% down payment plus closing costs, assuming your credit is sound. Deal with a reputable broker and they will get you the best rates/term/loan product that fits your budget.<br><b>References : </b><br>Loan Officer http://www.freshstartmortgagehomes.com If you buy it at auction you will most likely do it on the courthouse steps and you need cold hard cash.

As far as investment property, in the current market it would be safe to put away roughly 10% down payment plus closing costs, assuming your credit is sound. Deal with a reputable broker and they will get you the best rates/term/loan product that fits your budget.
References :
Loan Officer
http://www.freshstartmortgagehomes.com

]]> By: Derrick http://www.mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction/comment-page-1#comment-28 Derrick Tue, 15 Dec 2009 17:07:59 +0000 http://mm-unib.net/how-to-buy-foreclosures/how-much-money-do-we-really-need-to-buy-foreclosures-before-or-at-auction#comment-28 There are all kinds of funding options. You should probably sit down with a loan officer and review.<br><b>References : </b><br> There are all kinds of funding options. You should probably sit down with a loan officer and review.
References :

]]>