Buying a foreclosure ?
My wife and I are looking at a foreclosure in the area we wish to move to. It is already bank owned (HSBC) and the previous owners have moved out, so we would only be dealing with the bank's rep. From the photos we have seen, it does need work, at least paint and floor coverings (at least!) the price is good, from what info I have on the property. We are scheduling a time with our realtor to go out and see in person, which I am sure at that time more items that need work will present themselves. my questions are....
Say the price is 150K, and needs ~25K in work (still a deal) will a mortgage company write the mortage for 175K? If not what options are there, we have available room on credit cards, but don't want to go down that road.
Do mortgage companies expect more from a buyer of a foreclosure, then a regular property? ie. larger down payment, better credit?
Will the Bank (HSBC) accept a lower offer then what it is listed for? It has only been on the market for 3 weeks, and already had the price reduced ( about 3%).
And aside from all the damage the previous owners have left, what should I look out for? Hidden damage...