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forclosure homes

Hi I see these foreclosure homes for these prices, what else may follow the cost, also how does it work is there more to it then these cost or dealing with the owner or the government? Thank you.
  • November 09 2013 - Texas City
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Answers (5)

There can be a lot of costs and fees that come along with the loan process. These can include appraisal, title, underwriting, processing, and other closing costs. If you cannot cover these costs there are lenders like myself that offer loan products that can cover these types of fees. Either way, the best thing for you to do is to speak with a lender to see what can be done for you. Lenders like myself would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 11 2013
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Profile picture for CallTheSisters
Any bank owned home will most likely be marketed by a real estate agent or in some instances offered for sale at an on line auction site.

You need to find a buyers agent who can assist you making an offer to a bank or the government.  They do not deal directly with consumers.

Most times these properties are sold as is and no repairs will be done by the bank.  There are some homes that do not need much work and others that need to be gutted.

You may be responsible to turn on utilities to do inspections.  You must pay your own inspector. If you are looking to finance the property it will have to be in fairly decent shape before the bank will loan money on it.  The lower priced homes are usually cash purchases.

Most times the buyer pays the sellers transfer tax in addition to their side of the tax.  In PA we have transfer tax other states may call it docs stamps or something different.

If you have no idea of what is involved it is best to select an agent to guide you and protect you from the pitfalls.
  • November 09 2013
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A foreclosure home is nothing more than an institutional seller without feeling or emotion. That's how I advise my buyers when we are considering a bank-owned property.  The banks want to get the property sold for the most amount of money - period. Be prepared to argue a good case if you are offering much less that the sales price. In our area, the bank owned homes are typically priced well (under market value) in order to sell quickly.  The biggest factor is the risk of the unknown. Bank owned homes often have been vacant for a long period of time. Homes need people to live in them to take care of the day-to-day issues. Banks do not have to provide the same buyer disclosures as a regular seller. They may allow a buyer to do a home inspection, but they will not, in most cases, make any repairs.  

I highly recommend you ask your friends/family for a referral to a good, local realtor who can guide you through the process. They can assist you through the potential pitfalls and get you to a successful closing.
  • November 09 2013
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Profile picture for Outer Banks N C
Don't call them foreclosures, that was something that happened in the past and they are now owned by the bank in most cases and they sell them just like a regular house by a regular owner. Get youself a Realtor to help you - it's free to you. Bank owned homes often are in worse condition, not always, because the previous owner knew they were going to lose it in the foreclosure process so be aware it might need a lot. Some bank owned homes are in such need of repair that  a new lender will not loan money on it as it is. That can be difficult to get around. Your realtor can guide you.

tim
  • November 09 2013
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A foreclosure is owned by a lender. Therefore, they're better than dealing with the uncertainty of a short sale or sheriff sale. The lender can have different documents that they will require you to sign. Mainly, holding them harmless in regards to the property's condition. I recommend doing a home inspection but do not expect the lender to fix anything. They can even refuse to address items that need to be fixed in order for you to get a mortgage or make the home livable (plumbing, heat). Here in DE, if the home is owned by Freddie or Fannie, transfer tax is waived and there is no additional fee or tax when buying foreclosed homes. When assisting buyers with foreclosures here, my main worry is running into costly repairs. Also, don't make the mistake of thinking all foreclosures are good deals. Most foreclosures that I see are priced at market value. If you've never purchased a home before, talk to a local Realtor (Typically, buyer's agents are free to you because they are paid by the Seller. So, get one and it'll make this process much easier.). They will give you the standard costs for purchasing a home in your area. If you're not paying cash and need a mortgage talk to a local bank and they'll make you aware of monies needed and fees. Good Luck!
  • November 09 2013
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