HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

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Banks Inspection contingency Inspection FHA loan 73

HomeLight

JULY 31, 2022

According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers used conventional loans, 16% used FHA loans and 14% used VA loans. A conventional loan is a private mortgage, which is usually backed by a commercial enterprise such as a bank, mortgage company, or credit union.

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Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

MAY 28, 2021

On the other hand, a home in foreclosure might list as-is because the bank doesn’t want to invest money or spend time on fixes. An inspection can tell you upfront the exact issues with the house so you know what money you might have to spend down the line. Let’s take a look at how MPRs differ for the most common loans.

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As-is Inspection Title search Inspection contingency 69

HomeLight

AUGUST 24, 2022

These things tend to make the house more appealing without breaking the bank. On occasion, conventional lenders may even finance a fixer-upper property sold “ as is ,” and it’s not impossible to finance a fixer-upper with an FHA loan. Which types of homes are sold ‘as is’? Prioritize a cash offer if you receive one.

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As-is Inspection Investor Closing costs 92