How Do You Make An Offer On A Foreclosed Property?
You may dream of buying a foreclosed home, or one offered by the U.S. Department of Housing and Urban Development, for a dollar. The truth is, though, that foreclosed homes, while often offered at lower prices, never sell for just a dollar. That’s a persistent urban legend. Buying a foreclosed home, in fact, isn’t for everyone. The homes you buy will usually be offered in “as is” condition. And finding the properties isn’t always easy. But if you’re willing to put in the extra work, it is possible to find a solid property at a deep discount. Get a pre-approval letter from a mortgage lender or bank. This shows sellers exactly how much money a bank is willing to lend you to purchase a foreclosed property. To get your pre-approval letter, you’ll first have to send your bank or lender copies of the financial papers that verify your gross monthly income and monthly debt obligations. These include your two most recent federal income tax returns, two most recent paychecks, credit card stateme
