Sep
11
Here is one for all you financial folks.Financing a foreclosure?
Filed Under Renting & Real Estate | 7 Comments
Blitz asked:
I am looking at purchasing a foreclosure. It is going to need about $50,000 worth of repairs. I was told I could get 100% financing on the home, but can I take out another loan for the repairs? What is the best way to do that? Are there pitfalls in doing this? Once fixed up, the home will double in value. I am an average consumer, with average credit with stable and a little above average income. Not an invester or realtor.
KERRY
I am looking at purchasing a foreclosure. It is going to need about $50,000 worth of repairs. I was told I could get 100% financing on the home, but can I take out another loan for the repairs? What is the best way to do that? Are there pitfalls in doing this? Once fixed up, the home will double in value. I am an average consumer, with average credit with stable and a little above average income. Not an invester or realtor.
KERRY