foreclosure financing

Chris · #1 (**permalink**) 02-20-2006, 12:56 PM

I have a buyer that is looking to purchase a foreclosure property as an owner occuppied residence. I have no experience on how this works. The auciton is this week and the buyer would like to purchase with financing. Can this be done? I always thought that you could only purchase with cash? This property is in Nevada. Any help or info please?

The Wizard · #2 (**permalink**) 02-20-2006, 01:36 PM

Chris,

What county in Nevada? I just received a call from a family member that said they want to buy a foreclosure in TX and they would take financing. That after your bid was accepted you have 30 days to get the loan completed but you did need to have a pre-qual letter to be part of the auction.

I would check perhaps this is true in Nevada also.

Erik · #3 (**permalink**) 02-20-2006, 01:50 PM

Yeah - check into when funds are required, Chris. In Utah you need the full amount within 24 hrs of the auction as well as a cashier's check for at least $5000 just to make a bid.

Chris · #4 (**permalink**) 02-20-2006, 07:12 PM

The property is in Clark County here in Las Vegas.

Best4U · #5 (**permalink**) 02-22-2006, 07:15 AM

Is there an online source where I can check to find out my counties requirements?

Erik · #6 (**permalink**) 02-22-2006, 08:40 AM

Your county's official website might have the information.