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Key Tips to Successfully Invest in Foreclosure Properties
Whether you are looking to purchase a home to live in or you are creating a real estate investment portfolio for retirement, it can be very profitable when it comes to buying foreclosure properties. To purchase foreclosure properties you need to follow a number of key...
Tips for buying a Foreclosure
- Find a real estate broker and a lender.
- Get a broker on your side.
- Get a preapproval letter.
- Look at comps before making an offer.
- Bid the higher price if homes are selling quickly.
- Find tradespeople who can assess and repair damage.
Looking for a great local Mortgage Company to help you through the process of buying a Foreclosure in Columbia SC? Our team of experts can help!
Would-be buyers of foreclosures might feel intimidated by all their complexities. Don’t you have to pay all cash? Can’t you only get a mortgage from the bank that’s selling the house? Can you get financing at all if the place is run-down and in disrepair?
For people with less-than-perfect credit, Federal Housing Administration loans may be the best bet. Government-backed FHA loans are intended to help owner-occupants. They are not meant for investors or house-flippers. FHA loans can be used to buy almost any type of home, including bank-owned homes and short sales.
For smaller projects, the Limited 203(k) Mortgage allows you to add up to $35,000 to your mortgage to cover repairs and upgrades — for example, remodeling a kitchen, painting, or repairing minor problems uncovered by a home inspector.
If you’re trying to buy a property from a lender, it may help to get a pre-approved mortgage from that particular lender. Doing so may cast your bid in a more favorable light, even if it’s similar to others. Plus, you’re not locked in if another lender offers you better terms. You can always change your mind and get your mortgage from another source.
The Federal Housing Administration (FHA) manages the FHA loans program. This may be a good mortgage choice if you’re a first-time buyer because the requirements are not as strict as other loans.
When homeowners default on their FHA loan, HUD takes ownership of the property, because HUD oversees the FHA loan program. These properties are called either HUD homes or HUD real estate owned (REO) property.
Columbia SC Mortgage Brokers
- Columbia Mortgage Corp
- Gulfstream Mortgage
- Mortgage Options – St Andrews
- Midland Mortgage Corporation – Downtown Columbia
- Resource Financial Mortgages and Insurance – Downtown Columbia