The Real Estate Community and Realtor Resources Forum :: View topic

Coldheart

I still don't understand how I can buy foreclosures or any kind of real estate

without any money. Especially if I have bad credit or a bankruptcy.

Celu

You just have to be more creative with your financing. That is the great part about real estate, you can control property with very little money. One technique that works well is called "Subject To", or taking over a property subject to existing financing. So instead of applying for a loan the conventional way where they check your credit, debt to income ratios, and so on, you can take over the monthly payments and sell the house before it goes to auction. Or you can keep it as a "rent to own" and make a monthly cashflow. It's kind of like assuming a loan, except you are not paying points, loan fees, and so forth.

finvik

i will explain it to you. foreclosure and pre foreclosure are different. pre foreclosure is kind of warning. you can not purchase property if it is under pre foreclosure. but yes you can buy a property which is under foreclosure. for that you have to contact banks and other FI's they can give you a better description. as far as your debts are concerned contact the relationship manager of your bank he can easily guide and advice you for free
Vik