Are meeting the requirements for repossessed homes complex or simple?
Meeting the requirements for repossessed homes are easier than meeting those requirements for a new home. This is in part due to the debt that finance companies have to pay to their repossessed inventories. Therefore, guidelines for financing are not likely for those who apply for one of their repossessions. Although this is true, it does not guarantee approval to everyone who applies. However, finance companies are more likely to approve someone that does not have perfect credit on one of their repossessions.
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Am I eligible for pre-qualification on a mortgage?
Yes you are. The following are possibilities on why you may be eligible for pre-qualification:
A. Repossessed government foreclosures are sold on a first come, first served basis.
B. Finance companies prefer knowing if the customer qualifies before expediting one of their homes. If customers do no qualify, showing a home will result in wasted time.
C. Just like finance companies, your time is very valuable. There is no sense in shopping for real estate repo homes, and fall in love with it, to then find out that you do not qualify for financing.
D. Bank Repossessed Homes are in high demand and sold as soon as they come into the market. Pre-qualifying allows the home seeker to secure an available home before someone else buys it. Foreclosed homes might be available in the morning can be sold that same afternoon.
How do I obtain a credit application?
You can be mailed or faxed an application through Leisure Homes. Once we receive the application, we will then process the rest for you. Keep in mind, for applying you will never be charged an application fee.
How much money is required for a down payment?
Usually, finance companies require a minimum down payment of five percent of the total selling price of the home.
Will I save a significant amount of money buying foreclosed homes than buying a new home?
Absolutely! The savings you will receive are considerable. Although finance companies spend thousands of dollars in refurbishing foreclosed homes, they price their homes in order for them to sell quickly. They cannot price these homes close to new home prices. The amount of money saved is the most important reason to consider foreclosed homes. There is no reason to spend thousands of dollars on a new home when you can find a home just like it for a lower cost.
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