buying houses and the foreclosure situation

[JC]

recordsclerk,

Thanks for the response. So, I think you are saying that the downpayment needs to be at 20%, but that increasing it to 25% or more does not really improve your chances of getting an offer accepted, correct?

[jpinpb]

Peak Debt – My understanding, some properties don’t have PMI. People took out seconds for 20% to get around it.

About buying on court steps. No one addressed this, or at least I didn’t see it. Isn’t it true that you have to find out everything that is owed on the house, seconds, property taxes, HOA defaults, any liens, mechanic’s lien, e.g., judgements, IRS liens, etc. The court step may be just selling the first trust deed. You would be responsible for anything else that is owed. You assume their debt. Am I wrong on that?

[jpinpb]

Peak Debt – My understanding, some properties don’t have PMI. People took out seconds for 20% to get around it.

About buying on court steps. No one addressed this, or at least I didn’t see it. Isn’t it true that you have to find out everything that is owed on the house, seconds, property taxes, HOA defaults, any liens, mechanic’s lien, e.g., judgements, IRS liens, etc. The court step may be just selling the first trust deed. You would be responsible for anything else that is owed. You assume their debt. Am I wrong on that?

[jpinpb]

Peak Debt – My understanding, some properties don’t have PMI. People took out seconds for 20% to get around it.

About buying on court steps. No one addressed this, or at least I didn’t see it. Isn’t it true that you have to find out everything that is owed on the house, seconds, property taxes, HOA defaults, any liens, mechanic’s lien, e.g., judgements, IRS liens, etc. The court step may be just selling the first trust deed. You would be responsible for anything else that is owed. You assume their debt. Am I wrong on that?

[jpinpb]

Peak Debt – My understanding, some properties don’t have PMI. People took out seconds for 20% to get around it.

About buying on court steps. No one addressed this, or at least I didn’t see it. Isn’t it true that you have to find out everything that is owed on the house, seconds, property taxes, HOA defaults, any liens, mechanic’s lien, e.g., judgements, IRS liens, etc. The court step may be just selling the first trust deed. You would be responsible for anything else that is owed. You assume their debt. Am I wrong on that?

[jpinpb]

Peak Debt – My understanding, some properties don’t have PMI. People took out seconds for 20% to get around it.

About buying on court steps. No one addressed this, or at least I didn’t see it. Isn’t it true that you have to find out everything that is owed on the house, seconds, property taxes, HOA defaults, any liens, mechanic’s lien, e.g., judgements, IRS liens, etc. The court step may be just selling the first trust deed. You would be responsible for anything else that is owed. You assume their debt. Am I wrong on that?

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[Anonymous]

JC,
You present yourself as a stronger buyer with the more money that you have down. So, if you can put down %25 then you will be looked upon by the seller(the Bank in an REO listing)as less of a risk. Usually, in an REO sale the bank looks at what the bottom line is first, but they also want to make sure the sale closes and they get the property off their books. So if there are multiple offers on the property that are pretty close, it will definitely make your offer look stronger(lower risk) even if the bottom line of your offer is a little lower than your competition that doesn’t have as much cash down.

[Anonymous]

JC,
You present yourself as a stronger buyer with the more money that you have down. So, if you can put down %25 then you will be looked upon by the seller(the Bank in an REO listing)as less of a risk. Usually, in an REO sale the bank looks at what the bottom line is first, but they also want to make sure the sale closes and they get the property off their books. So if there are multiple offers on the property that are pretty close, it will definitely make your offer look stronger(lower risk) even if the bottom line of your offer is a little lower than your competition that doesn’t have as much cash down.

[Anonymous]

JC,
You present yourself as a stronger buyer with the more money that you have down. So, if you can put down %25 then you will be looked upon by the seller(the Bank in an REO listing)as less of a risk. Usually, in an REO sale the bank looks at what the bottom line is first, but they also want to make sure the sale closes and they get the property off their books. So if there are multiple offers on the property that are pretty close, it will definitely make your offer look stronger(lower risk) even if the bottom line of your offer is a little lower than your competition that doesn’t have as much cash down.

[Anonymous]

JC,
You present yourself as a stronger buyer with the more money that you have down. So, if you can put down %25 then you will be looked upon by the seller(the Bank in an REO listing)as less of a risk. Usually, in an REO sale the bank looks at what the bottom line is first, but they also want to make sure the sale closes and they get the property off their books. So if there are multiple offers on the property that are pretty close, it will definitely make your offer look stronger(lower risk) even if the bottom line of your offer is a little lower than your competition that doesn’t have as much cash down.

[Author]

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