Bidding on Foreclosers
Prior to bidding on a forecloser property, should you have already applied for a loan or can you do it after you place the bid and won? Also what can happen if you are not able to acquire the funds for your bid?
Thanks
At the Trustee Sales here, on the courthouse steps, you need whatever it stated in the ad, whether it is 10% or $7500 or $2500 or $500, or whatever. Be prepared to close in 10-20 days. You should probably already know, by a mortgage broker if you can purchase. If you don't complete the transaction, you lose your deposit of 10% or whatever your amount was...
Good luck, people here [due to the sluggish economy] have been buying houses like mad. Last sale had 45 people at it! That drove the price up considerably, and left very little margin for profit.
Clint