Questions & Answers

Corey: The agents are correct. One would hope so, right?? You'll get little response from agents in any case - do you know how much commission is to be made on a $25K purchase? About a dime. Please read our blog on this: http://www.condometropolis.com/blog/2009/01/30/foreclosures-are-for-cash-buyers/ and then view the videos on this page: http://www.condometropolis.com/orlando_foreclosures.php It's cash or nothing I'm afraid until the markets pick up - by which time, there'll be nothing left anyway - that's my guess.

I am trying to do the same, here is what I've learned. Most lenders won't make loans for just any condo. The only condos they seem to be lending for are HUD approved properties. All other condos will need to to be purchased on cash. You can find a list of HUD approved communities at: https://entp.hud.gov/idapp/html/condlook.cfm Even if you find a condo in a HUD approved community, lenders don't like to loan below 50k for this. Another option is to find properties that have defaulted through Fannie Mae. Fannie Mae is lending money to sell their own foreclosed properties. These include both Single Family and Condo/Townhouse properties. You can find their listings and financing at: HomePath.com HUD approved condos may be approved for First Time Home Buyers which might only require 3.5% down + closing costs... HomePath loans are 3% down and some FannieMae lenders will go as low as 20k for the loan amount, but the selection is very limited in comparison to total market. Hope this helps.

Corey,

Unfortunately lenders will not finance such a low loan amount, reason being most have a minimum of $40,000 loan amount. It is not cost feasible for them to fund a low loan amount. You may try your local bank relationship to see about a non conventional loan program. Do you have funds to put down?