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Posted by steele in minnesota on May 31, 2007 at 05:51:29:
In Reply to: buying preforeclosure posted by ayesha on May 30, 2007 at 23:10:13:
Buying a preforeclosure is pretty much like any other purchase. Usually some tighter timelines, but otherwise quite similar. That means that you can negotiate just about anything as long as it fits into the situation.
One thing I would be careful about is raising price in order to have seller cover your costs. Perfectly legal but there may be some limits imposed by your new lender. Also, they are getting much pickier about the value having to be there. The house has to appraise, legitimately.
As to your questions on downpayments, etc., that depends on your new lender's requirements. If they will let you do zero down and seller paid closing costs, do it.
You should be clarifying this with your lender before you make an offer.
Steele
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