Questions about foreclosed homes, the purchasing, downpayment assistance, lists?

[Anonymous]

We were approved for a mortgage (finally) but it was a rather low amount because my husband closed all his banking accounts due to terrible identity theft. So we thought about forclosed homes.

1. Is it possible to obtain downpayment assistance in San Antonio, Tx?

2. Is there a FREE listing for foreclosed homes, with NO free trial, but just a list?

3. Are forclosed homes ever nice or are they always ran down homes.

[Anonymous]

I can respond to #3.  The first foreclosed house I put an offer in had numerous interior issues (stained carpeting, needed interior paint, etc.) and my real estate agent said that was not unusual.  The one that I'm buying (keep your fingers crossed for 8/22/08) is absolutely spotless.  It's obvious the owners cared about the home so, they're out there!  Moral of the story is keep looking around until you find the right one.  You'll know when you do.

[BrianB_The_Loan_Professor]

I do not know about local programs that may be available but until 9/30 you can get DPA anywhere in the country through a seller assisted program

Any Realtor should have a list of REO's they can share with you. Most internet sites that have foreclosures are dated or trying to sell you something

For number 3 buyer beware pay for an inspection to avoid suproses after the close.

Brian

[Anonymous]

Very good point Brian.  I gladly paid the $275 for my inspection and although nothing major was found, he did go through it very thouroughly and gave me things I should do to keep it in great condition.  My coworker didn't get an inspection and guess what happened?  The first day she moved in an tried to use the kitchen sink, water leaked all over the place.

[mwr1ght]

Zillow.com, Trulia.com are two websites I utilized A LOT, daily while doing my home search. Also realtor websites in your area are a good source.  

I am purchasing a HUD home and until September 30,2008 in select state there is a incentive for owner occupant homes. $100.00 down payment (with FHA financing) and $2500 credit at closing that you can use towards closing, repairs, buy down mortgage. If I am not mistaken the offer is good in TEXAS as well. I am in Michigan. But check into it. I am pretty sure Texas was a participant.

I looked at a lot of homes mostly foreclosures and some were pretty tore up from previous owners. But there are some gems out there or dimonds in the rough. Just be persistant and patient. My home was pure LUCK, it has already had new roof, new siding, new windows, new hotwater heater/furnace for $63,000.  I am hoping to get the inspection soon. MAKE SURE YOU BUDGET SOME MONEY FOR A HOME INSPECTION!!!!!!  WORTH THE INVESTMENT.

I wish you well on your home search and purchase!

Message Edited by mwr1ght on 08-12-2008 03:05 AM