Made my first move in REI

[Michael Bacile]

Hello again BP, I just recently found that the foreclosure I’ve been watching dropped into my price range. I contacted my “stand by” realtor to take my first steps. Through my local bank I sat down with the lender and asked a lot of stupid questions along with playing with numbers. I found that I didn’t have near enough money.

The lender stated that the foreclosure I was looking st required a 3.5% down payment plus around 6% closing! I knew the down payment was a firm 3.5 but completely forgot that I was chasing a foreclosure meaning I had to pay all closing costs too. Any advice or chasing the foreclosure? Being my first investment would it be wise to just stick with the MLS and find a seller to maybe take some of the burden away from the closing costs?