How Can I Buy A House That Is Not Completed And Is Foreclosed?

Is there a morgage for a house thats not completed and unoccupied that hase been foreclosed in Texas?

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This entry was posted on Sunday, February 28th, 2010 at 3:04 pm and is filed under house. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “How Can I Buy A House That Is Not Completed And Is Foreclosed?”

  1. It will be really hard to find financing. You will have to obtain a construction loan, with at least 30% down. Even then banks really hate these and they are not going to be lining up to make a deal with you.

  2. You wil have to get a construction loan on the property, which gives you money to finish building on top of the cost of the property. It all depends on the bank some banks give 30 days some give a year to build the property. Some of them just consider it a mortgage and never give dates the mortgage takes effect. Just talk with banks and see how it would work with them.

  3. No lender would provide a mortgage for an unfinished building. You might try a construction loan but they are time limited

  4. owner or a big down payment at least 20% other than that you can try to find partners and get private financing.

  5. Try wish123 dotcome. I find lots of excellent experts answer there.

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