Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

19
Posts
0
Votes
Chris Houghtaling
  • Homestead, FL
0
Votes |
19
Posts

Borrowed money from friend to buy a foreclosure

Chris Houghtaling
  • Homestead, FL
Posted

I live in Miami Fl. I currently rent and live in a home that is in foreclosure. The final summary judgement of foreclosure is in 1 month. June 5th. i guessing a sale date of early July. (short sale is out)

I have been offered the cash to purchase this house from a good friend at the foreclosure auction if there is one. (at 0%)

My question is 

1) Can i negotiate a price with the bank before the public auction and buy the house..

2) If i am able to buy the house with the cash maybe 175k, i would need to pay her back of course. .  I am pre qualified already way above the home purchase price, but how can i borrow on a FHA loan "ALL" the money i borrowed. 

Can i Finance or "refinance" the house  90%....

I have some cash myself about $10,000. maybe get my hands on a little more for closing costs.

Do i have to wait a time period to do that? can i do that?

I will live in the house as a primary residence.

Well you get the idea.

How can i work it.

Thanks

Loading replies...