Before the mortgage crisis of 2008-2009, buying a foreclosed home was a much more difficult proposition. Real estate bargain-hunters formerly had to follow auctions put on at courthouses or sift.
For those who are new to the auction block, there are a few key pieces of financing knowledge that are "must-haves" to remember before lifting that paddle to bid: Most real estate auction contracts have no financing contingencies. In a nutshell, "no contingencies" means that you have to secure funds or financing prior to the auction.
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Can I Get a Home Loan for a House at Auction? | Yahoo Answers – My husband and I are "first time home buyers" and we are looking into buying our first home at a local auction (the homes have been foreclosed and will now be auctioned off). At the auction, would we need to; A: just have this money laying around in order to buy the house, or; B: would we be able to be get a home loan / mortgage prior to the auction?
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3 Hard Money Loan Strategies for Foreclosure Auctions. – If a real estate investor already owns other property with equity, they may be able to take out a hard money loan against the existing property to raise enough cash for the auction purchase. Once the auction purchase has been finalized, the real estate investor will be able to arrange for financing on the newly purchased property if desired.
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Financing | Property Finance | ServiceLink Auction – Unless otherwise indicated, properties available in ServiceLink Auction’s inventory can be financed. Properties identified as Occupied or NOT FINANCEABLE on the property details page are not eligible to secure a loan for purchase and must be paid for with certified funds in full at closing.
What Percentage Is Closing Cost How to Get a Seller to Pay Closing Costs When Buying a Home – Buying a house isn’t cheap, but if you can get the seller to pay closing costs, you can save a lot of money. See these tips to learn how.