Posted on: 19th Jan, 2011 06:43 pm
I have been looking into foreclosed properties in Georgia $50,000 and under. I've heard it is difficult to get a bank loan for that amount. So my question is why are houses being sold for under that amount when there aren't many banks willing to give loans for them? Are people supposedly paying cash for these homes? Who has that kind of money in this economy? What is a reasonable price for a home in order to get a loan?
Hi John!
Welcome to forums!
Most lenders won't offer such a small amount as a mortgage to buy a property. The buyers can either offer cash to buy the property or take out a personal property loan in order to buy it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Most lenders won't offer such a small amount as a mortgage to buy a property. The buyers can either offer cash to buy the property or take out a personal property loan in order to buy it.
Feel free to ask if you've further queries.
Sussane