Foreclosures and age?
Well, I’m 17 and I have about 2-3 friends who are willing to buy a house from me. I saw on the tv that you can get a foreclosed house for as cheap as 200/month, which I thought was great. However I’ve been looking into this and it seems I can buy it at actions ‘as is’ (which would mean I’d need the money), go directly to the lender and pay it off (and all pay-lag mortgages) and I could probably get it inspected, or go threw a bank’s broker which would be the safest but also cost the most. Anyways I was wondering which would be the best for someone whose looking for a cheap-house (broken heaters and little things we don’t care about) and some place to live and any suggestions or tips at all about purchasing foreclosed houses. Also, I was wondering how I’d get the money, (especially for the auction where it’s supposed to be the cheapest) do I have to get a loan before-hand and then works out the specifics from there or do I need to talk with the bank or some such about paying monthly? Also, would it even be *possible* for me to own the house under my name, and if it requires an 18 year old could we have the other party’s names as trustees to become part-owners on their 18th birthdays? I live in the great state of New Jersey, lol. Thx in advance 🙂