Foreclosures/Bank owned properties

We are now looking into these properties since a regular sale seems not to be working for us. I know these are faster turnarounds then short sales but my questions is how fast?

Also what issues should we expect to run into?

Re: Foreclosures/Bank owned properties

your best bet- REO- Real estate owned by the bank already- homes that have been foreclosed on- but not sold at auction etc.

things you might run into- homes being sold "as is"

Re: Foreclosures/Bank owned properties

as the pp mentioned...ure buying "as is". sometimes u can only drive by. and typically everything is turned off...which means u can get an inspection but they wont be able to check certain things and im not sure if the inspection would allow u to break contract (ud have to ask). if u know someone who knows about this stuff and can view the place with you...that would be great.

as far as turn around time...u need to do stuff asap and on their schedule (from our experience thus far). for example...we put in an offer...it got accepted in a few days...the contracts were out to us and signed back to them within 48 hours. we started the end of may...our closing date is scheduled for july 1st.

we were told to go with a lawyer who specifically deals with foreclosures.

to put in the offer, our agent recommended that we send a letter with all our info, preapproval, credit scores, and proof of deposit amount (ie amount in bank acct w/o the account #).

i think its worth it if u can find the perfect place for u

Re: Foreclosures/Bank owned properties

yea i talked to a contractor they can't inspect things that are not on, which does stink but at this point we must gamble a bit to own a home.

i didn't know about a foreclosure lawyer so this i must factor in. We are being assisted by the town. I will also assmeble my package to go to the bank as well.

Thank you!

Re: Foreclosures/Bank owned properties

We put a offer in just now = let's see! It was good I think it was about $12K less then asking but we are paying full closing costs on it. I hope that is okay. It was such a lovely house even with mouse droppings (yea the only killer of the house but I will hire someone to deal with that and trap the house and find the leak where they are getting in from)