Skip to main content

Buying home in foreclosure

I'm looking into purchasing my brother-in-laws' townhouse, which we originally thought was only in pre-foreclosure (I'm still not clear on how it got this far without them realizing it, but that's an entirely different conversation).

I met with him today to take a look at the notices they've received and it is a Notice of Sale, which from what I understand is essentially the last step before auction. It lists the auction date as 06/01/2024, so there's plenty of time for me to close on a loan before then. To stop the foreclosure, they must pay $31k or sell.

I'm very new to the investing side. I turned my original home into a rental and have been successful with that for the last 2 years. This is the first investment loan.

I'm pre-approved with LoanDepot and BetterMortgage for purchase price of $210k with estimated value of $290k at 7.125% with a 25% down payment and working on a pre-approval with a credit union for 5.5% and 25% down. I'm still shopping sound, but the majority seem to be in that 7.125% range except that credit union.

The only issue with the credit union is that they said it's fine if it's still in pre-foreclosure, but they can't finance it if it goes to foreclosure. Any idea why it makes a difference? If my financials are strong (17% DTI, 770 credit score, and plenty of income) and we get the foreclosure put on hold/extended, why does it matter?

Any idea if the fact it's in foreclosure with an auction date will be an issue with other lenders?

submitted by /u/blackbirdblackbird1
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1b20p7v/buying_home_in_foreclosure/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...
Post a Comment
Read more