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has anyone here ever bought a foreclosed property?
Posted on 9/18/12 at 7:05 am
Posted on 9/18/12 at 7:05 am
would appreciate any thoughts, insights. Thanks in advance.
4
Posted on 9/18/12 at 9:17 am to aldawg2323
Bought several condos that were foreclosed, all bank owned. Not much different than buying from an individual owner. Some banks like to move quickly, others take their time.
What are your concerns?
What are your concerns?
Posted on 9/18/12 at 3:08 pm to aldawg2323
As far as the process is concerned, it's the same as buying from an individual owner. The bank will list through an agent, you submit your offer through your agent, etc.
Don't be intimidated. The people on the bank side dealing with that REO aren't any smarter than you.
But do your homework, and get an inspection.
Don't be intimidated. The people on the bank side dealing with that REO aren't any smarter than you.
But do your homework, and get an inspection.
Posted on 9/18/12 at 7:06 pm to ZereauxSum
I cannot say that I have any specific fears. I always had an idea that foreclosures were extrememly cheap, very depressed properties. What i have seen however as I look around does does not bear that out (at least concerning price). Maybe folks like me never hear of the really good buys?
No concerns, just want to hear everything you have to say about them...
No concerns, just want to hear everything you have to say about them...
Posted on 9/18/12 at 9:04 pm to aldawg2323
I was reading an article about how p/e groups were going to be allowed to buy foreclosed properties and then securitize them. This will raise prices on foreclosed homes hence why there are less "deals".
Posted on 9/19/12 at 9:40 am to aldawg2323
quote:
No concerns, just want to hear everything you have to say about them...
Not much to say. Have your agent call the listing agent then go check out the property. Ive seen some properties where the former owner ripped everything they could out, even doors, just to screw the bank and I have seen others in perfect condition.
As i said, I have only dealt in condos and the biggest thing I come across is the banks cut off all utilitites or fail to run the A/C. A condo in Florida with no A/C for several months to a year causes some mold to build up, especially under carpet. Its the small upkeep like this you should just keep in mind.
Foreclosed properties are not always a guranteed deal. I dont specifically go looking for foreclosures, but if I come across one I dont shy away either. Sometimes you will find a better deal on a non-foreclsed property, it all depends on what was owed and how much the bank is trying to recoup. Three years ago I bought a condo for 80k less than the same exact condo right next door and both were listed by the same bank.
This post was edited on 9/19/12 at 9:47 am
Posted on 9/19/12 at 10:19 am to aldawg2323
quote:
Maybe folks like me never hear of the really good buys?
It's hit or miss. The bank I work for usually sells at market and sometimes puts money into it to make it comparable to other houses in the area.
But sometimes, banks try to clean up their balance sheets and dump assets in bulk. This is where the killer deals are to be had.
Unfortunately, I can't buy from my employer, for obvious reasons
Posted on 9/19/12 at 9:55 pm to aldawg2323
Do it! Once you make the decision move fast. Don't be afraid to lowball the bank. If they won't come all the way down to where you want hit them for more on the inspections. Dont be afraid to walk away from the deal. That's all I can say. I'm just going off of my experience which was only one house so take it for what its worth. Bought it a couple months ago. I feel like we stole it. Someone submitted a written offer to purchase the house a few days after I closed for 100k over what I paid.
Posted on 9/19/12 at 9:55 pm to aldawg2323
Make sure they didn't smear shite all over the walls...
Posted on 9/20/12 at 3:05 pm to Eon Blue
also curious about this myself. Are you guys paying cash to by these foreclosed properties or financing?
Posted on 9/21/12 at 7:06 am to gsvar2004
Most of the properties were cash purchases but not all. Obviously a cash offer is more enticing to a bank but if your financing is solid, it shouldn't make much difference.
Posted on 9/21/12 at 12:21 pm to SippyCup
I've heard that an all cash offer with a quick closing date will get you an additional discount from the bank of 10%+ if you negotiate properly.
thoughts!
thoughts!
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