Profile picture for NewellJordan

how do you buy a house that is in forclosure, bank owned and need repairs

  • October 08 2013 - Calumet City
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Answers (8)

Your offer on it, is just like any regular home, however financing for it may be different, talking to a lender to do a 203K FHA. This loan may lend you for the purchase but also for the repairs. 
  • October 09 2013
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Wells Fargo are capable of financing homes that need repair. :)
  • October 09 2013
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Best  advise is to  contact an experience agent
When  it comes to Foreclosers REO (bank owned) and need repair properties  It is " Buyer beware"

Once  you decide on an agent  make your best offer, make sure  you have a inspection clause in your contract. Most of these properties are purchased  " AS IS"  then be patient  wait  to see if the offer is accepted. Once offer is accepted get your inspections done within the stated time frame.

I always tell my buyer to begin the inspection process  with  the most expensive repairs no need  to pay for any further inspections if the roof is falling in unless you are a roofer or ok with that?
  • October 09 2013
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Profile picture for JoshBarnettREIB
Send the bank an offer. 
  • October 09 2013
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Wait until it is listed with a Realtor, then ask your own Realtor to show it to you.
You can pay for the repairs out of your pocket or try to roll the repair costs into a Renovation Loan.
  • October 09 2013
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Profile picture for Amy Smits
You asked two questions rolled into one. If it is in foreclosure, you will have to wait for the auction unless the property is listed as a short sale. Auctions require cash for the total amount the day of the auction. Buying at auction can be risky as you don't usually know the interior condition of the property or if someone is occupying it. Be prepared to evict if it is the owner and at least where I live, honor the lease if a tenant is living there.

Now if it is bank owned and has gone thru the foreclosure process, quite often the bank will do reasonable repairs before listing it. You will be assured there are no tenancy issues and it is a much cleaner transaction. Bank owned properties can be financed and you don't need to worry about any prior lienholders.
  • October 09 2013
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The same way you buy a normal property.......write an offer, but it sounds like it needs to be cash not financed. Contact the listing agent or get your own agent to represent you.
  • October 09 2013
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Profile picture for CallTheSisters
If it is Fannie Mae they may offer a renovation loan.  If not FHA offers a 203K loan that allows you to add repairs.
  • October 08 2013
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