Purchasing a foreclosure with HM?

[Carissa Meek]

Hi all

I am looking at a foreclosure that was listed two days ago. I have two questions that I would appreciate your feedback on...

1. They’re asking way too much for the property. How much of a discount could one expect to get from a foreclosed property? For example, it’s listed at 111 k but my offer would be 71 k. I know, way off. Is there a minimum percentage that the lender will accept or is it variant based on every lender?

2. I’ve read that foreclosure require all cash at close? Is this always the case? I would be using hard money and all cash is not even close to being a possibility for me.

Thanks in advance