skunkaperecords
New member
- Jan 8, 2009
- 3
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My wife and I are preparing to purchase our first home using an FHA loan with assistance from her CalPERS retirement savings. We have decided to purchase a home we can afford on only one income so we don't have to worry about the recession and losing a job. By herself she qualifies for $350k and we have plenty of homes in our area for under $350k.
I would like someone to explain to me what the major differences are between REO homes, Short Sale homes, Foreclosure homes. Which one is the best deal usually and which one should we look into buying?
We want something that is clean and ready to move into with little or no work needed. Also, which one of the three is more likely to cover the closing costs??? We keep hearing about how sellers are paying closing costs most of the time in this housing market. I want to get a great deal and avoid paying 100% of the closing costs if we can.
Thank you
I would like someone to explain to me what the major differences are between REO homes, Short Sale homes, Foreclosure homes. Which one is the best deal usually and which one should we look into buying?
We want something that is clean and ready to move into with little or no work needed. Also, which one of the three is more likely to cover the closing costs??? We keep hearing about how sellers are paying closing costs most of the time in this housing market. I want to get a great deal and avoid paying 100% of the closing costs if we can.
Thank you