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Money to buy foreclosure
(by gary [az])
Mar 16, 2004 9:30 AM
RE:
Money to buy foreclosure
(by MIKE [IN])
Mar 16, 2004 9:37 AM
RE:
Money to buy foreclosure
(by gary [az])
Mar 16, 2004 9:48 AM
RE:
Money to buy foreclosure
(by Jeff S [MI])
Mar 16, 2004 9:59 AM
RE:
Money to buy foreclosure
(by gary [az])
Mar 16, 2004 10:03 AM
RE:
Money to buy foreclosure
(by Doug [OH])
Mar 16, 2004 10:10 AM
RE:
Money to buy foreclosure
(by Sallylee [AZ])
Mar 16, 2004 10:10 AM
RE:
Money to buy foreclosure
(by Rroger1031 [CA])
Mar 16, 2004 10:32 AM
RE:
Money to buy foreclosure
(by gevans [SC])
Mar 16, 2004 12:26 PM
RE:
Money to buy foreclosure
(by Dave [IL])
Mar 16, 2004 12:49 PM
RE:
Money to buy foreclosure
(by gary [az])
Mar 16, 2004 2:26 PM
Click Here to send this discussion to a friend| Just wondering how I can come up with full cash price to buy property at foreclosure auction. I have been watching a particular pc of property, and it now looks as though it will be going to the auction, however I know that the full purchase price must be paid the following day by 5pm and Im woundering if any of you investors out there can advise me on how people are financing these purchases???? I've got plenty for 20% down but not full purchase price.. --130.76.64.16 |
| At foreclosures people pay cash. If you don't got cash then you can't buy. --152.163.252.193 |
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Okay, Im searching for some outside the box thinking, thanks. Anyone have advise to my question, how to obtain the money. I thought I had seen and heard of some financing for foreclosure purposes with 20% down and high interests???? Need some ideas from crafty folks here... --130.76.64.16 |
| Hard money lender, loan sharks, Vegas connection, uncle Guido ??? or credit card, home equity line, etc, etc. Depends on personal financial situation. --207.238.177.246 |
| Wasnt sure if HELOC would work? That would work for me. --130.76.64.16 |
| Not sure in AZ but in Ohio, you put down 10% immediately in cash (at the sheriff sale), then have 30 days to come up with the rest. The 30 days gives you time to get the cash from a lender. IF you dont come up with the rest, you lose your 10%. You sure you got the rules right in AZ? If not then HELOC is your only other option. --69.160.197.148 |
| I use a HELOC when I don't have enough $$$ to purchase a property I want and expecially if it goes under market at some sort of auction then refi at your leisure with the 20% down or whatever. --68.32.214.112 |
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Gary, Jeff from MI is right on about the financing. You might go to a lender,get an ARM LOC or closed end loan if you have a very good idea of total cash needed to get the property up to par.But only for a short term (5 years or less) with the option of interest only payments or a negative am loan whose payments are even less than interest only. When you're done,either sell it or have it appraised and refi it and payoff the ARM loan,if keeping it makes sense for you. Good Luck --198.81.26.47 |
| Here in SC, the terms are 5% on day of sale, with 20 to 30 days to close. If you have decent FICO numbers and 20% down, just talk to a banker before bidding. My local banker has me pre approved for $XXXXX with 20% down, so I know my limits going in. Don't forget to reserve some money for rehab. --141.129.1.98 |
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I use equity in other props and credit cards frequently in situations like this. You might also get a personal loan lined up ahead of time if you have a good relationship with your bank and good credit. They can then finance the home once it is yours and pay off the personal line. Credit cards are usually the cheapest since they fight it out for the lowest rate, usually 0% to 3.9% tops for folks with good credit. Those rates are only good for six months or so, but that is plently of time to arrange traditional financing. Personally, I keep very little cash on hand since I want it all working for me. People who keep tens of thousands available and people who can do one of the above quickly are the only bidders on foreclosures. Proceed with caution on the credit card route. If you don't have a nice net worth and an exit strategy, the credit cards will take you down once the teaser rate expires. . --12.66.66.217 |
| I have xlnt fica score, Ill have to check the payment rules here in AZ. If its 30 days I should not have a problem, my broker has in the past had my loans ready in less than 20 day. Im thinking Im required to pay in full by 5pm the next day though... Thanks for ideas!l --130.76.64.14 |