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    Rsecrets1's Avatar
    Rsecrets1 Posts: 2, Reputation: 1
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    #1

    Feb 11, 2009, 02:27 PM
    Buying foreclosed property.
    I would like to buy a property that is in foreclosure, I have the down payment, and closing cost, and I can afford the monthly payments, taxes, and insurance.
    The problem is that my credit scores are to low, and the property will be sold before I have time to get my scores up high enough to buy it.
    What are my legal options to creatively finance this property?
    B.-- the lien holder requires buyer to be pre-qualified by a lender of their choosing before you can place a bid on the property, is that legal?
    Rsecrets1's Avatar
    Rsecrets1 Posts: 2, Reputation: 1
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    #2

    Feb 11, 2009, 02:28 PM

    How to buy a foreclosure, with low credit scores
    SAB123's Avatar
    SAB123 Posts: 685, Reputation: 94
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    #3

    Feb 11, 2009, 02:54 PM

    I am in the process of buying a foreclosure. Here in IL if house is damaged I have to get a construction loan at 2 points above convetional loan and bank inspector has to come and tell me how much money I have to put into escrow to fix house up. You have to be pre approved also or banks will not except offer. So even if you have bad credit you may have problems with the banks as I am finding out now. So from what I was told banks don't usually like giving money on forclosures do to the unknowns. I have awsome credit and this deal my still fall apart.
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