Financing Options For First Time Buyer
I am looking at pre foreclosures on Long Island, and wondering how I can get financing in a short amount of time (before the auction). Who will lend to a first time buyer who wants to purchase a distressed property in a matter of 2 weeks? Will I be able to get a conventional loan? It seems that Short term financers wont touch an inexperienced buyer. Should I arrange financing with the bank that is foreclosing? Will they postpone the auction so I can close the deal? Any ideas are welcome!
I'd say if you don't have the cash, go get pre approved. It won't take very long, but I doubt they will get it done in 2 weeks. Will the bank delay the auction - not likely. Perhaps you can negotiate with the owner and then get the payoff figure from the bank (assuming there is no 2nd or leins) and get into the property that way? If not that maybe you can negotiate with the bank to get the property before it goes to the REO department? If it goes to REO possibly you can talk with them and get the property before they put it on the market - saving them time and money. It's all worth a try. Best of luck to ya!
Ryan J. Schnabel