[Conskeeted7]

When I bought foreclosures, I used conventional financing, so I didn't have to come up with anything out of the ordinary.

The only issue that you might find if a property is in a great deal of disrepair is that you may not be able to get insurance coverage for it. This would impede the closing process, since conventional loans require home insurance at closing. With our first foreclosure, although the repairs were cosmetic, the insurance company still wanted us to repair them. They allowed us to start a policy with the contingency that the repairs would be made within 30 days. We actually didn't have the repairs complete, but were able to show receipts from vendors to complete the work and that was enough for them.