How do I finance a foreclosure home??? PLZ HELP!!!

[Michael Vasquez]

Hello everyone, so I been window shopping, so to speak and I found a really nice property in a good neighborhood that I am familiar with. It's a foreclosure on sale for $12,000. I'm completely new to real estate so I'm kind of stuck, how do I go about financing the property if I cannot use a conventional or FHA loan? Would my only choice be to get a personal loan to purchase the property then refinance to pay of the personal loan??? Please someone help I don't want to miss out on a good deal.

[Wayne Brooks]

If this is an REO auction, that $12k you see is a "starting bid", which is a low ball teaser, and the property will never, ever sell for that price. They have an undisclosed reserve, much higher.