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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Our Home buying update
So we put in a offer on a forclosure. There was already an offer that the buyer was dragging their feet to sign so the real estate agent pushed for us and really sold us. We have no mortgage or lease contracts to get out of, no car loans, good credit and good jobs/income. Plus we are looking to close asap. The seller says if we can get a loan agreement and inspection ASAP he will sell the house to us!! Still too early to count eggs but I'm so excited. Send me some good vibes. We really need this after all we've been through in the last year.
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Posted 3/22/11 1:28 PM  |
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Prudential Douglas Elliman Real Estate
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: Our Home buying update
GOOD LUCK!!!!!!! FINGERS CROSSED!!! 
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| Posted 3/22/11 1:50 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: Our Home buying update
good luck!!!!!
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| Posted 3/22/11 1:51 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: Our Home buying update
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| Posted 3/22/11 2:25 PM |
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Re: Our Home buying update
Make sure you are getting the correct loan type
203K in the house needs work- plumbing, heating, kitchen- big stuff
203B if the heat is off and the house has been winterized (you will put your own money in escrow to cover the repairs- normally under $15K)
it's rare a foreclosure will qualify for a regular loan and I have seen many deals fall apart b/c real estate agents do not understand what type of loan a house needs
most times the bank you are buying it from isn't aware of the work the house truely needs
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| Posted 3/22/11 2:36 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: Our Home buying update
Thanks for the advice beth. From what the agent explained, she sold it to the current buyer as a forclosure and is now selling it for profit. Still at a good deal. Inspection is set for tomorrow. Hopefully we will still think it's a good deal after inspection.
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| Posted 3/22/11 2:43 PM |
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Re: Our Home buying update
Posted by Melmel821
Thanks for the advice beth. From what the agent explained, she sold it to the current buyer as a forclosure and is now selling it for profit. Still at a good deal. Inspection is set for tomorrow. Hopefully we will still think it's a good deal after inspection.
ah- then you are not techincally buying a foreclosure/Bank owned property
they probably did some work to it to resell it
good luck tomorrow!
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| Posted 3/22/11 3:00 PM |
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bride07
Ava Rose you are an angel!!!
Member since 3/09 6115 total posts
Name:
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Re: Our Home buying update
Goodluck!!!
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| Posted 3/22/11 9:16 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: Our Home buying update
Posted by Beth EXIT Realty
Posted by Melmel821
Thanks for the advice beth. From what the agent explained, she sold it to the current buyer as a forclosure and is now selling it for profit. Still at a good deal. Inspection is set for tomorrow. Hopefully we will still think it's a good deal after inspection.
ah- then you are not techincally buying a foreclosure/Bank owned property
they probably did some work to it to resell it
good luck tomorrow!
The REA clarified when we went for the second showing that it wasn't technically a foreclosure. Thanks for your advice and help.
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| Posted 3/23/11 11:11 AM |
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