Financing a Foreclosure

[Valerie Wright]

Good afternoon, I just had a question regarding purchasing foreclosures from the bank. My husband and I were looking at Auction.com. There is a property that we think is a GREAT deal. The bank wants 176,000; houses in the area are selling and have sold for 270,000. We just did a title search, and we really want to purchase in hopes to resell with 3 months. It is not vacant. Question is: what is the best route to get the money. We have excellent credit, my husband suggested taking out a traditional loan, but is that how you finance a foreclosure at this amount? If you could point me in the right direction, I would greatly appreciate it!