Profile picture for hdmotorhead

how hard is it to buy a forclosed home

is it a long ordeal,and more money after the sale
  • November 03 2013 - New Smyrna Beach
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Answers (5)

Buying a bank owned home can be a very rewarding process for you.  Be prepared to do your inspections within a very limited time frame.  Make sure you have a Realtor to represent you because you can be assured the bank selling the property will have representation for themselves.  
  • January 22
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Profile picture for nilsen9
i have been trying to find out how to contact the bank that owns a home in 32168 zip code. tax records say GMAC owns  i called them no avail.
i have cash and am ready to buy ir. it has been vacant for years  any suggestions on how to start the process 
  • January 22
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Its easy if the home is listed with a Real Estate agent, and should not be considered if you are asking about foreclosure sales held at the court house. Like the others mentioned the bank wants to sell the property and will usually respond quickly. Keep in mind when buying these properties cash is king, typically a cash contract with fast closing and no inspection period will be the winner if the offer is reasonable. If you don't mind doing some repairs and renovations foreclosures can be some of the best deals on the market. Now that being said sometimes foreclosures can drag on due to title issues. I was involved on one deal were closing kept getting postponed by 2 weeks over a 6 month period before the closing finally took place, and on the other side of that I have seen contract to closing in 30 days or less.
  • March 16 2014
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Profile picture for Mike Bottaro
Buying a foreclosed home is anything but long.  The transaction is typically very quick (not to get confused with a short-sale).  The bank typically will price the house at a deep discount which generates a lot of traffic and offers to the property, sometimes even a bidding war.  The bank will reviews all offers after a week or two and choose one.  The bank does not always accept the highest offer either.  Often they will accept an offer with the best terms (ex: cash buyer, close in < 30 days, a large deposit made at the time execution of the contract by both parties, waiving home inspections, etc.)  Last thing to keep in mind is that in almost every bank owned transaction you are buying the property "AS IS" which means that the bank will make no repairs. 
  • November 03 2013
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It was foreclosed on in the past, that is now over so it's owned by someone. Often the bank buys it back and so now it is properly called a Bank Owned Home and the bank will sell it. They list it for what they want for it and often they will come down a little. Buying from a bank is not much harder than from Mr-Mrs Jones. A bank will not respond as quickly and they only work 5 days a week (or less) so getting an answer can take a couple days, but it is not bad and not as bad as a short sale. Banks will ignore you if you place a really low-ball offer as they wait for better offers to come. Bank owned homes are on many buyers radar so be ready for multiple offers and they can go fast.

tim
  • November 03 2013
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