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Advice on buying a forecosure? Also any recs on BR area contractors
Posted on 9/27/14 at 5:46 pm
Posted on 9/27/14 at 5:46 pm
We are looking at a home thats been foreclosed on for a while now. Never gone through the process of buying a forecosure so are there any tips on negotiating a price? Anything else we should be aware of? Is it a long drawn out process like Ive been told a short sale is?
Also, does anyone have any recs on a good all around contractor? There are some things I can do myself but the home needs a ton of work and alot of it Id rather a contractor do.
Thanks for the help.
Also, does anyone have any recs on a good all around contractor? There are some things I can do myself but the home needs a ton of work and alot of it Id rather a contractor do.
Thanks for the help.
3
Posted on 9/27/14 at 5:52 pm to JOHNN
Patrick Reynolds 413-8118. Dudes a perfectionist
Posted on 9/27/14 at 5:52 pm to JOHNN
quote:
Is it a long drawn out process like Ive been told a short sale is?
No. If it's already been forclosed, and the bank is in possession of it, it will not draw out like a short sale. It should be fairly straight up like a normal transaction purchase between a buyer and seller. The only difference should be that the bank might require you to sign a few extra documents or your bank might want some more info before loaning the money.
The biggest advice I give anyone buying is its ok to hire an independent home inspector, but just be sure to know most of those guys are a joke. They can miss things then hide behind we can only inspect what we can see. If you know anything you can do about as good of a job as they can but it's still a fairly cheap insurance policy in case they do miss something they should have noticed.
Posted on 9/27/14 at 5:58 pm to stout
Is there typically much wiggle room in price?
Posted on 9/27/14 at 6:03 pm to JOHNN
I have bought several REO properties from banks, currently manage 100s of repos for banks in Louisiana and Texas and as best as I can tell there are tons of factors in their pricing.
I have seen some banks come way off because at that time of year they were looking increase tax write offs or increasing their reimbursements from HUD. Other times I have seen them be firm on the price because after their tax write offs and reimbursements that were looking to increase their profit on the house.
Banks say they lose money on foreclosures but truthfully it is all just creative accounting because for the most part they don't.
TL;DR: It really depends on many factors.
I would see what they bought it back for at Sheriff sale and use that as guide vs what they are currently asking for it. You can find all of that info at the Clerk of Courts or Tax Assessor.
I have seen some banks come way off because at that time of year they were looking increase tax write offs or increasing their reimbursements from HUD. Other times I have seen them be firm on the price because after their tax write offs and reimbursements that were looking to increase their profit on the house.
Banks say they lose money on foreclosures but truthfully it is all just creative accounting because for the most part they don't.
TL;DR: It really depends on many factors.
I would see what they bought it back for at Sheriff sale and use that as guide vs what they are currently asking for it. You can find all of that info at the Clerk of Courts or Tax Assessor.
Posted on 9/27/14 at 6:04 pm to stout
Patrick Knight at Knight Home Inspection is a very good home inspector. Doesn't miss anything. I highly suggest using him.
Posted on 9/27/14 at 6:47 pm to stout
quote:
If it's already been forclosed, and the bank is in possession of it, it will not draw out like a short sale. It should be fairly straight up like a normal transaction purchase between a buyer and seller.
This is true. The main difference would be that the seller (i.e. the foreclosing bank) will give no warranties as to condition and the waiver will stand up if challenged. A "normal" seller that owned and occupied the house can sell "as-is" but it will not stand up if the seller knew of a hidden problem and did not disclose it. This makes the pre-closing inspection that much more important.
Posted on 9/27/14 at 8:27 pm to JOHNN
B&g construction
Posted on 9/28/14 at 6:17 pm to Kim Jong Ir
we bought one when the market was completely saturated. It looks a very long time to close. Long enough that I was homeless for a month. I would buy another one but I would put a per diem penalty in the contract for the bank as well.
Posted on 9/28/14 at 6:40 pm to D844
quote:
B&g construction
When did B&G get into new home construction? They where insurance remodelers when I worked for them many years ago.
Posted on 9/28/14 at 6:52 pm to stout
quote:Definitely the truth. I caught a bunch of stuff the guy I hired missed. Ended up calling in a bunch of contractor buddies to check everything out. They came out, looked at their respective areas, told me what was up and general estimates to fix things, I gave them $100, and then got to buying
The biggest advice I give anyone buying is its ok to hire an independent home inspector, but just be sure to know most of those guys are a joke
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