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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Redfin

MARCH 4, 2025

Key takeaways A foreclosed home means the buyer can no longer make payments and the bank has taken the house. There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. The bank or lender typically wont sell a home directly to you, the buyer.

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HomeLight

AUGUST 9, 2022

As we mentioned, your lender will need to see that you do actually have the money as part of your loan approval process — a current bank statement will usually suffice — but you won’t need to transfer it out until closing day. So, someone could literally buy a $700,000 house with no money down with a VA loan,” says May.

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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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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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Realty Biz

JUNE 7, 2021

LTV states the amount of the loan as a percentage of the house value. That means the bank will loan 80% of the value of the house and the buyer needs to pay cash for the other 20%. In this case, the loan to value is 80%. Of course, there are many FHA loans out there with a down payment of 3.5%.

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HomeLight

OCTOBER 29, 2021

Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. In that case, you could get your earnest money back if you have an inspection contingency and make the decision within the period the contract specifies.

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