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Updated over 6 years ago on . Most recent reply

Bryan Mizell's profile image
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Bryan Mizell
  • Rental Property Investor
  • from Pompano Beach, FL
  • Member since Jun 10, 2018
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Bryan Mizell's profile image
Bryan Mizell's profile image
Bryan Mizell
  • Rental Property Investor
  • from Pompano Beach, FL
  • Member since Jun 10, 2018
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Bryan Mizell
  • Rental Property Investor
  • Pompano Beach, FL
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Foreclosures

Buying pre-foreclosures with 203k loans?

Bryan Mizell
  • Rental Property Investor
  • Pompano Beach, FL
Posted
How can I use a 203k loan to purchase a home approaching foreclosure? What would be my first step, etc.?
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

If it's an REO, it's not "approaching" foreclosure. It's just like any other sale only they will scrutinize your preapproval more than a typical seller. Allow plenty of time to close, 60 days at least.

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