I it possible to purchase a califonia foreclosure home for less than 50,000?
Oct 23, 2009 in
Financial and Loan Tips
Mayra
My sister an I have been thinking about purchasing a foreclosure home, unfortunately we were only approved for a 45,000 mortgage loan( and we have 2,000 saved up). We have been searching online and we saw many homes with a remaining loan balance under 10,000. Under our understanding, a hopeful foreclosure buyer pays what the previous owner owed and other taxes and fees. Would this add up to more than 100,000? Or how does this process work?
My sister an I have been thinking about purchasing a foreclosure home, unfortunately we were only approved for a 45,000 mortgage loan( and we have 2,000 saved up). We have been searching online and we saw many homes with a remaining loan balance under 10,000. Under our understanding, a hopeful foreclosure buyer pays what the previous owner owed and other taxes and fees. Would this add up to more than 100,000? Or how does this process work?
Like this post? Subscribe to my RSS feed and get loads more!
One comment
Landlord on October 25, 2009 at 6:06 am
I recently helped a friend buy their first investment house, it was 89k (in CA).
I do not think you will find anything that you can buy for 50k. You might find a small house for that price. However, it has to pass an inspection and be livable for your bank to agree to finance it. Those kinds of houses are cash only investments.
Has you “online” been Yahoo real estate? I do not know why this is allowed, but many agents put the remaining balance of the first as sales price…and do not mention there is a first.
Email me where you are looking and I will see what I can find for you. I am excellent at finding bargains. I am pretty busy though, so do not stress if I do not get to it until the weekend.