Q: Can you put a down payment on a foreclosure house or does it have to be paid all cash ?
I have 3/4 of the money they are ask for the house.
Your question is unclear about the status of the foreclosure. If the property has been sold at a foreclosure sale and the lender has purchased the property, the lender can agree to any terms it wishes to accept. On the other hand, if the property is going to be sold at foreclosure sale, the normal rule that you pay 5% of the purchase price on the day of sale with the balance due 30 days later in cash. The Order for Sale of the property will set forth the terms for bidding and for how and when all payments must be made.
The lender cannot sell the property unless and until the property goes through the foreclosure sale process unless the borrower agrees to deed the property back to the lender. There are many title issues that need to be reviewed before you try to purchase a property at a foreclosure sale. Also, you usually cannot inspect the property to determine its true condition until after the sale which means you are buying the property "as is".
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.