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Answers (15)
- Dunes....
- Contributions:3894
This is an old one lol
If any Consumers do look at then it will help to be aware of and use the following to help informed..
You can make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options
Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link
Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link
It would also be helpful for you IMO to take a look at the Fed Gov Site which has all the Current Fed Loan Programs..FHA, Vets, USDA ect
You can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
GovLoans.gov
For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory
If any Consumers do look at then it will help to be aware of and use the following to help informed..
You can make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options
Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link
Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link
It would also be helpful for you IMO to take a look at the Fed Gov Site which has all the Current Fed Loan Programs..FHA, Vets, USDA ect
You can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
GovLoans.gov
For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory
- Abi Said, "abisaid"
- Contributions:44
Foreclosure Information is available on foreclosure radar, your Local Trusted Realtor.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
I forgot to mention also...as a new homeowner (he got in with a VA loan and don't forget about the $8,000 tax credit he'll be receiving...he's paying less now owning than what he was when he was renting and it's bigger by one extra bedroom! I love helping folks and making them happy *-)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Here's a funny story...I submitted an offer on a great deal...we asked for a due diligence period to have a home inspection done...during the home inspection...it was discovered that the hose connecting the fridge to the ice maker was broken and needed repair...question...do you think the buyer went through with the purchase? It was a $19.00 item that needed replacement...he hired a handyman that came out to fix it prior to closing. He got a great deal and saved $20K.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Purchasing REO's has it's rewards...they are priced to sell quickly! When an offer is submitted it should have contingencies enabling you to do your due diligence ie. inspections will expose what work needs to be done to the subject property you are offering to purchase. This should ease your mind when picking up these deals. It also eliminates the risk of you losing your EMD should you conclude the subject property is not for you. Realize this, the bank has never lived in this property...they are not aware of defects...it's up to you to find out what, if any, they are...it is up to you to decide if you are in a position financially to do the work required, if need be, to get the property back to it's true market value.
- Jeni Pfeiffer, "jenipfeiffer"
- Contributions:47
Hi jdevan,
Are you interested in purchasing a Foreclosure home on the court steps or are you asking about REO Bank Owned Properties? If you are interested in Foreclosed homes, email me and I can provide weekly lists of properties. Keep in mind this road is not for the squeamish. You will need to do your homework, ie, research liens attached to the property that you may inherit, clouds on title, evictions of squatters, etc.
A better approach is to research and purchase REO, Bank Owned Properties. These are homes that have been foreclosed and are now owned by the banks that originally loaned the mortgage. They are priced competitively low to sell quickly. Team up with an expert real estate agent who is knowledgeable and will secure the best terms for you. Be sure to conduct home, termite, roof and fireplace inspections prior to purchasing as there will not be a qualified Seller who can disclose the condition of the property.
If you would like current quick search listings of REO homes in Santa Clara Valley, log onto www.homesjp.com for up to date inventory.
Good luck,
Jeni Pfeiffer
- Shane Huey, "Shane_sells"
- Contributions:13
Compared to other sales from owner-occupants, there's a lack of disclosure. This is not necessarily an issue, assuming the property is properly&thoroughly inspected and your comfortable with that. There are some unknowns that could come into play, which will not necessarily be revealed, even with a thorough home inspection. The biggest of which is termite related damage.
Do not bother inspecting a bank-owned (REO) property, or any other property for that matter, until there is an "executed & binding contract", UNLESS you're thinking of having your friend, the builder do an informal inspection pro-bono that doesn't involve turning on utilities and such, and then accepting the property AS-IS.
If you're going to pay for an inspection, anything done before you have a contract could be futile.
The bottom line: you must protect yourself with your contract.
Get more information on the process of buying a foreclosure from a trusted Realtor. Ask someone who they've used and recommend. The best way to buy a foreclosure is with the assistance of a trained professional. He/she will educate you along the way, and, it doesn't cost you anything.
-Shane
Do not bother inspecting a bank-owned (REO) property, or any other property for that matter, until there is an "executed & binding contract", UNLESS you're thinking of having your friend, the builder do an informal inspection pro-bono that doesn't involve turning on utilities and such, and then accepting the property AS-IS.
If you're going to pay for an inspection, anything done before you have a contract could be futile.
The bottom line: you must protect yourself with your contract.
Get more information on the process of buying a foreclosure from a trusted Realtor. Ask someone who they've used and recommend. The best way to buy a foreclosure is with the assistance of a trained professional. He/she will educate you along the way, and, it doesn't cost you anything.
-Shane
- angelomer683
- Contributions:2
Can I ask for a quick clarification? Do you suggest hiring an inspector to check out a foreclosed home BEFORE making an offer?
- Nathan Wolf, "natewolf"
- Contributions:1825
HIRE A REALTOR. HIRE A REALTOR. HIRE A REALTOR.
There are MANY risks buying a foreclosure. You can also purchase a Home Warranty. But most foreclosures are AS-IS, WHERE IS. No disclosures. No warranties. Buyer Beware.
A Realtor can help you navigate this very high-risk transaction. The banks KNOW this is a high-risk transaction. This is why they want you to sign all kinds of legal forms releasing them from all types of liability.
There are MANY risks buying a foreclosure. You can also purchase a Home Warranty. But most foreclosures are AS-IS, WHERE IS. No disclosures. No warranties. Buyer Beware.
A Realtor can help you navigate this very high-risk transaction. The banks KNOW this is a high-risk transaction. This is why they want you to sign all kinds of legal forms releasing them from all types of liability.
- Sam Shueh
- Contributions:379
good price, everything is AS IS. A skilled agent can investigate with you identify the potential issues and recommend fixes.
The disclosure packages are quite basically limited. A skilled agent
can find all things missing to assess if you want it or not.
When you interview an experienced agent asking these questions.
Does the agent understand home structure. Good luck.
The disclosure packages are quite basically limited. A skilled agent
can find all things missing to assess if you want it or not.
When you interview an experienced agent asking these questions.
Does the agent understand home structure. Good luck.
- Marilia Cathcart, "Marilia"
- Contributions:92
Get a realtor to help you. It is a free service.
Banks want you to buy the property in its "as is" condition.
There are no disclosures other than if you buy through a realtor so you must inspect the property prior to making an offer if you don't want to take any risk.
Banks want you to buy the property in its "as is" condition.
There are no disclosures other than if you buy through a realtor so you must inspect the property prior to making an offer if you don't want to take any risk.
- silent_observer
- Contributions:1603
jdevan, REO is your best bet. i wouldn't suggest working with any of the agents below. they are all looking for commissh....
also, FDIC is selling homes for 6K if you are interested.
http://www.fdic.gov/buying/index.html and most of the banks have their own REO listing site. the way the process works is when a home gets foreclosed these agents will email them through this REO website (no internal connections) and the banks will give them the listing based on their history etc.,
for your area just wait till End of Year. bubble is slowly deflating. if you want to research about foreclosure homes then you should check foreclosureradar.com
Learn the whole process and don't work with an agent until you learn everything. Once you learn it do your own research on homes through redfin.com (active MLS Listing). i have worked with some of their agents and they are pretty nice with less BS.
also, FDIC is selling homes for 6K if you are interested.
http://www.fdic.gov/buying/index.html and most of the banks have their own REO listing site. the way the process works is when a home gets foreclosed these agents will email them through this REO website (no internal connections) and the banks will give them the listing based on their history etc.,
for your area just wait till End of Year. bubble is slowly deflating. if you want to research about foreclosure homes then you should check foreclosureradar.com
Learn the whole process and don't work with an agent until you learn everything. Once you learn it do your own research on homes through redfin.com (active MLS Listing). i have worked with some of their agents and they are pretty nice with less BS.
- Vinicius Brasil, "vbrasil"
- Contributions:385
The reality is buying a home in foreclosure doesn't make sense. You can actually get a better deal when the property has been foreclosed and is an REO, or bank owned.
For more information see my blog posts on REO home in Santa Clara County.
Information about foreclosures
Santa Clara Valley Living
- Tim Kunze, "TimKunze"
- Contributions:61
j,
The only things I might add are:
1) If you're looking at short sale properties - those that are in the foreclosure process but are not bank owned - be prepared for long delays and lots of headaches during the offer process. I've had cases where the response to an offer took so long that the home wasn't worth the offer when it was finally accepted. It took that bank three months to respond!
2) It seems much less frequent these days but still too ofter, when the owners finally vacate, they trash the house and even remove fixtures. If not the owners, then sometimes people will break in and steal things. On top of that, the bank usually won't do any repairs and you have to take the house in "as is" condition. I work with one bank who actually sends in a contractor to do some repairs to get a house ready for sale. Most don't!
Other than that, Glen's advice was pretty much right on.
Best of luck!
The only things I might add are:
1) If you're looking at short sale properties - those that are in the foreclosure process but are not bank owned - be prepared for long delays and lots of headaches during the offer process. I've had cases where the response to an offer took so long that the home wasn't worth the offer when it was finally accepted. It took that bank three months to respond!
2) It seems much less frequent these days but still too ofter, when the owners finally vacate, they trash the house and even remove fixtures. If not the owners, then sometimes people will break in and steal things. On top of that, the bank usually won't do any repairs and you have to take the house in "as is" condition. I work with one bank who actually sends in a contractor to do some repairs to get a house ready for sale. Most don't!
Other than that, Glen's advice was pretty much right on.
Best of luck!
- Glen Mitchell, "glenmit1"
- Contributions:60
Jdevan are you refering to buying a house on the court steps or one that is already foreclosed and being sold by the bank? In the case of the court house steps you may have to have a decent amount of cash up front and may not have been able to see inside home. there is a lot to know going this route. In the case of buying an reo from a bank they hire an agent and you go through a normal process. The bank may have limited disclosures, but you can hire inspectors and go through the house to find out what you are getting. Unless you are a contractor, you really need to hire an expert. Don't rely on your agent or the banks agent or your good friend that once painted his garage and changed some light bulbs. You can also buy a home warranty. In some cases the bank may have already hired someone to do a home inspection or termite report. In my opinion you should still hire someone to review. Best of luck. Hope you find a great deal. Let me know if I can clarify anything or get you more info.
Glen
Glen
How do i get information about foreclosures sales ? Is there any risk buying a foreclosed home ?
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