Can someone take over mortgage payments?
Can someone take over mortgage payments?
You can legally take over a mortgage by assuming the original loan, provided you meet the bank’s requirements. Most conventional loans are not assumable. Government loans, such as loans backed by the Federal Housing Administration or Department of Veterans Affairs, are often 100 percent assumable.
Are Zillow pre foreclosures accurate?
Even if the house does go into foreclosure, it can take over a year for it to actually be available for sale. Either way, the listings under pre-foreclosure found on Zillow are not useful for the average home buyer. They are actually misleading and tend to create frustrating situations.
How long can a house be in pre foreclosure?
between 30 and 120 days
Can I make an offer on a pre foreclosure?
Make an Offer With the pre-approval letter in place, you can now make an offer on your preferred pre foreclosure home. Generally, it takes 30-60 days to complete the closing process on property. This period can be much shorter if you are working with a hard money lender or paying cash.
Do you have to pay cash for pre foreclosure?
Most investors pay cash, and that can make it a little tougher for the regular home buyer. If there is competition for the house, the cash buyer might get it first. If the home goes on auction before you could buy it as a pre-foreclosure, you will have to have cash for that purchase.
Should you buy a foreclosure?
Buying a foreclosed property can be a great deal—if you can handle some risk. Make sure you get your home inspected, and figure out how much other homes in the area are going. That way you don’t end up paying more than you should.
How long does it take for a bank to accept an offer on a foreclosure?
HOW SOON WILL THE BANK RESPOND TO MY OFFER? Most likely they will respond in 3 to 5 business days. On some occasions, they will respond in 24 hours.
Can you offer less on a bank owned home?
Ask About the Number of Offers Received If there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you will most likely need to offer above the asking price.
