How can a Canadian buy foreclosure properties south of our border?

Question

Want to snap up houses don't know the legalities. Can someone give me a basic idea as to what would be involved, and what hoops I would have to jump through. Thanks.

Answer 1

I looked at yahoo online and they refer to local real estate brokers who handle foreclosures, usually I believe from VA or FHA program(that's veterans administration, of Fed. Housing program subsidized mortgage program). Pick a county, look up a broker in the county seat and see if they have a web site.

Answer 2

When a home would go up for Sheriff's auction, you would either need to be here for that sale, or have a representative here for you.  Usually you need a certain % down. States vary, but it's usually around 25%.  Then you have X amount of days to come up with the balance.  Usually between a week and a month.  For that reason, make sure you have a loan secured, BEFORE you bid on the home