Foreclosures
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,
Borrowed money from friend to buy a foreclosure
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