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Updated almost 8 years ago on . Most recent reply

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19
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Chris Houghtaling
  • Homestead, FL
0
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19
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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

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