Is it easier to buy a foreclosed home?
No, buying a foreclosed home isn’t easy. First, you have to deal with banks and that alone is NOT easy. Second, they are looking for all cash or you have to have to be qualified with another lender. Both foreclosed homes and homes on the market are looking for buyers that are pre-qualified for a mortgage and have good credit. If you’re looking to buy a home with little or no credit then I would suggest you look into a lease-option. That’s a rent to own type of deal. It’s similar to renting only you have the option to buy the home within a year or two. Your chances are better, however, they may also do a credit check as well. Most lease option sellers are investors and don’t focus on credit as much as rental history and stability or work history. You might pay market value for the home, but it will be in move-in ready condition and if it’s not what you want, you can choose not to buy it in the end, although you won’t get any of your money back (you don’t when you rent either). In the me
