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I received a question from a home buyer in Ask The Broker Section of iAssistRealty website asking if she needs to put down 20% to buy a foreclosed home.
Here is what you may not know, If you are buying a bank owned home (the bank has acquired ownership through foreclosure) then it would work the same as any other home and you should check out the condition and value just the same as any other home.Banks love cash offers with no contingencies, but it is not necessary. all foreclose homes that are listed on MLS for sale want you to submit a pre-approval letter with the offer, so being pre-approved is going to be helpful with your offer.
How much down you bring depends on what type of loan you are trying to obtain and your credit rating. The bank (owner) does not care how much you put down as long as your new loan funds the transaction and seller will get all their money in cash at closing/funding. Normally buyer needs 3.5-5% down for FHA loan and 10-20% for conventional loan. You may use this buying budget calculator in iAssistRealty website to find out how much you can barrow. Also Be prepared for delays and obstacles and problems while awaiting closing as it happens very often.
Sometimes there are better deals out there that are not foreclosures. I would look at every home that meets your needs and desires and see which one is the best home for the money- and not limit your search to just foreclosures.
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If you are planning to Buy a foreclosed Real Estate please Call Sean Abri at 281-380-0438 or visit www.iAssistRealty.com. We Serve the needs of home buyers and home sellers in Houston, Texas. we Do appreciate your referrals and we treat them the way that makes you proud.