Upcoming Foreclosures

does the bank give you a loan for the sale of the house or can you get a loan for how much the house is worth?

I am looking to buy a house that is on foreclosure but it needs some work. Can the bank give you a loan on the value of the house or just the selling price. I am willing to take a month or month and a half to get things fixed in it for what we like in the house. Or would I have to get a home equity loan seperate in order to do the remodeling?

Public Comments

1. You'd have to talk to the bank. I hope you're not planning on fixing it up and selling it in a month or two - that won't happen in this market. If it's for yourself, then you'd need comparable sales of other homes in that neighborhood and what the home is actually worth once it's fixed up and go from there. It's really hard to get a home equity loan right now - most banks are shutting down equity lines of credit because people are running them to the limit then walking away from the house.
2. If you see a good price go for it. Borrow money anywhere is okay. Start with a phone call to the salesman.
3. It is possible to get a loan for the contract price plus an equity line of credit rolled into one. You would need to contact a bank to find out what you qaulify for. It is also possible to get a loan for the value of the house, but be warned they will only lend the present value of the house. It is probably pretty low if it is a foreclosure home in need of work. In the current market it is hard to qualify for anything above 80% of the value of the house.
4. Depends on too many other factors. You had also remeber that you will probably not be able to re sell it due to the market right now. So if you buy it you are going to want to keep it for a while.
5. where are you located? It depends on if you are a primary residence, or if it is going to be an investment property. Also, ask a broker about the benefits of a FHA 203(k) loan. Those are specifically for REHABING. Typically, however, lenders only loan out the amount of the actual sale.
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