Answers (6)
- Bill & Terrie Hoyle, "AccordingToHoyle"
- Contributions:67
Although there are some good buys that are foreclosures and short-sales, you should examine the entire market. I've found that there are some excellent buys that are not in either of those categories. A good Realtor should explain this and you should be sure the home is the one you want and one you'll enjoy. (Just because it's a foreclosure, doesn't mean it's the deal of the century.) Always do your due diligence and inspections whenever buying; especially a foreclosure.
Then cost the repairs out and weight it against what a ready, move-in property would cost. You might be surprised.
Good Luck!
Bill
Then cost the repairs out and weight it against what a ready, move-in property would cost. You might be surprised.
Good Luck!
Bill
- Loran Barnett, "Loran Barnett"
- Contributions:2
You are absolutely right! Now is a great time to buy a home and with a VA loan, you are able to get into a home with great financing and little to no money down.
Although foreclosures sound like a great deal, they are not always so, many have issues and you need to spend huge $$ on damages. However, as a Short Sale specialist, I can tell you that you can get a great deal on a Short Sale property that is in great condition, you make the offer to the bank that is agreed upon by the seller and upon acceptance by the bank you can buy a dream home at a lower price. A great Realtor can handle all the details for you. the process is a bit longer, but worth the wait.
To locate a Short Sale or a reduced price property, locate a reputable Realtor who specializes in Short Sales, as they will be able to show you properties,(as they are listed on the MLS) get the contracts processed quickly and effectively.
Should you need any help or have additional questions, please don't hesitate to contact me and I can answer your questions or refer you to someone in your area to help you.
This is a great benefit and you should use it. I appreciate all who serve our country and want to thank you and your family for your service!
Thank You
Although foreclosures sound like a great deal, they are not always so, many have issues and you need to spend huge $$ on damages. However, as a Short Sale specialist, I can tell you that you can get a great deal on a Short Sale property that is in great condition, you make the offer to the bank that is agreed upon by the seller and upon acceptance by the bank you can buy a dream home at a lower price. A great Realtor can handle all the details for you. the process is a bit longer, but worth the wait.
To locate a Short Sale or a reduced price property, locate a reputable Realtor who specializes in Short Sales, as they will be able to show you properties,(as they are listed on the MLS) get the contracts processed quickly and effectively.
Should you need any help or have additional questions, please don't hesitate to contact me and I can answer your questions or refer you to someone in your area to help you.
This is a great benefit and you should use it. I appreciate all who serve our country and want to thank you and your family for your service!
Thank You
- Sean Glaze, "SeanGlaze"
- Contributions:574
A great place to start is to find a great VA lender that can inform you on the ins and outs of the loan you are looking at to purchase your home. Once you know how your loan works you can better decide what home will work for you. Contact me via my Zillow profile and I will give you the name of a great lender that has helped my clients in the past. I would post info on this answer but it is against the Zillow rules! Thanks for your question and good luck!
GI loans are a great way for a Vet to buy a house. The down payment is very low and there is very little in the way of closing costs. The problem with going with a GI loan is that there can not be a bad termite report. A lot of the foreclosures have some damage. You will have a much easier time if you just search the MLS sites for a house in your price range. There are plenty of homes right now that are very reasonably priced. Good Luck.
- Gary Boyer, "Southland_Properties"
- Contributions:73
In order to buy a home at a foreclosure auction, you need cash. In order to buy a foreclosed home that is listed with a Real Estate Agent, it's really no different than buying a home from a standard seller with a few minor exceptions. A good real estate agent will be able to walk you through the process with no problem. You find a house, you write an offer, you open escrow, just like a typical purchase. The difference is in the paperwork and in dealing with banks who can be extremely frustrating to work with.
The biggest question is why limit yourself to a foreclosed home? Many foreclosed homes need a tremendous amount of work because people tend to stop taking care of their homes when they are losing them, mainly because they can no longer afford the maintenance. The other reason is that some home owners leave their home extremely angry and choose to take that anger out on the home. If a home needs $20,000 in work and you are only getting it for $20,000 under market, many times it's better to but a standard sale.
The biggest question is why limit yourself to a foreclosed home? Many foreclosed homes need a tremendous amount of work because people tend to stop taking care of their homes when they are losing them, mainly because they can no longer afford the maintenance. The other reason is that some home owners leave their home extremely angry and choose to take that anger out on the home. If a home needs $20,000 in work and you are only getting it for $20,000 under market, many times it's better to but a standard sale.
- Marlene Berrier, "marlenesellshomes"
- Contributions:23
Hi Nicole
You can buy a foreclosed home provided you use conventional financing or ifthe foreclosed home such has HomePath is being advertised, you can use their finanicing to purchase a foreclosed home. Typically a GI Bill or VA loan will not allow you to purchase a foreclosed home because there may be some work needed on the home or some safety issue of the home that a VA or FHA loan will not finance the home for. I hope this helps-also hire an agent who is experiencedin foreclosed sales.
You can buy a foreclosed home provided you use conventional financing or ifthe foreclosed home such has HomePath is being advertised, you can use their finanicing to purchase a foreclosed home. Typically a GI Bill or VA loan will not allow you to purchase a foreclosed home because there may be some work needed on the home or some safety issue of the home that a VA or FHA loan will not finance the home for. I hope this helps-also hire an agent who is experiencedin foreclosed sales.
How do you actually buy a house in foreclosure?
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