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My husband and I need to get out of my in laws home, because for one we need our own place, and they are planning on moving to Ireland next fall. I’ve found 2 homes under 16,000 (fixer uppers) which is great, because I’m going to be starting interior design school soon. Anyways with both homes being really cheap there is no need in my husband and I to get a loan, and it is also bank owned. We have never bought a home and I have no idea of how to go into this.

What all do we have to prove to the bank etc… It would be really nice to have people that have bought homes out of pocket to let me know what I need to do, and look for.

2 Thoughts on how would I go about buying my first home, out of pocket, and foreclosed?
  1. Reply
    October 30, 2011 at 2:48 am

    you need to get a broker…and a lawyer…

  2. Reply
    October 30, 2011 at 3:09 am

    If you’re paying cash, you don’t need to “qualify” for anything, so no need to “prove” anything to the bank.

    -Find out which bank owns it and call them up and ask for their short sale kit.
    -Get a broker and have them do a walk through with you and get a Broker’s Price Opinion. They can spot things that the novice can’t, so that your 16000 fixer doesn’t become a 160,000 money pit.

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