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Answers (6)
- Caroline Choi, "Caroline Choi"
- Contributions:98
Not difficult. Main few things are to make sure you do your investigations thoroughly. The property is being sold as is and you want to make sure you don't end up with a costly plumbing issue later. Secondly, if you're getting a loan, you want to make sure there aren't any issues with the property that could potentially make it not able to finance. For example, if the house is in bad shape, some lenders won't touch the property unless you are putting a substantial amount down, and even then they might ask for all cash. The other thing would be to stay on top of your contingency periods -- some REOs have passive contingency deadlines, so if you don't speak up, you could end up losing your deposit. Best of luck, Caroline
- David Cooper-Las Vegas, "LasVegasRents"
- Contributions:281
Bank REO Foreclosures are sold "as is", meaning the inspection won't get you off the hook if they accepted your offer. If you don't have knowledge of repair costs, foreclosures can be very, very exspensive
David Cooper
David Cooper
- ConnieK_Oklahoma
- Contributions:2900
here are the differences.
foreclosures don't disclose the condition of the property they disclaim knowledge of the problems.
banks and REO companies RARELY negotiate any repairs, so you need to have a loan that will buy the house as is or have escrow for repairs.
inspections serve only to give you a list of problems in case you want to back out or to prepare you for what's next. they aren't going to fix it and they might not even deal with inability to perform inspections. example...gas line won't pressure up, gas company won't turn on gas, you can't inspect gas appliance...they won't repair leak so you can overcome this. you don't know if that central gas heat works or not.
same with water leaks. or electricity with no meter and a base inspection is required before electric company will even set the meter....many possible issues to getting inspections done and they usually give you only 7 days. (be sure to demand MORE time)..
and....BE SURE TO ALLOW for delays because once the closing date is set, they typically have in that contract a per diem penalty to YOU for a late closing. could be $25/day could be $150 per day. sometimes they will negotiate extensions but it's best to plan that they won't
the home is not being sold by someone that has PERSONAL interest in seeing it sale. and there are good deals out there beside foreclosures. I wouldn't limit my looking to foreclosures ONLY and NEVER pay for one of those "lists" those are a rip off. do your own searching on an MLS or zillow and such-you'll find the same properties.
(plus sometimes those lists give you properties that have already sold or aren't yet available)
foreclosures don't disclose the condition of the property they disclaim knowledge of the problems.
banks and REO companies RARELY negotiate any repairs, so you need to have a loan that will buy the house as is or have escrow for repairs.
inspections serve only to give you a list of problems in case you want to back out or to prepare you for what's next. they aren't going to fix it and they might not even deal with inability to perform inspections. example...gas line won't pressure up, gas company won't turn on gas, you can't inspect gas appliance...they won't repair leak so you can overcome this. you don't know if that central gas heat works or not.
same with water leaks. or electricity with no meter and a base inspection is required before electric company will even set the meter....many possible issues to getting inspections done and they usually give you only 7 days. (be sure to demand MORE time)..
and....BE SURE TO ALLOW for delays because once the closing date is set, they typically have in that contract a per diem penalty to YOU for a late closing. could be $25/day could be $150 per day. sometimes they will negotiate extensions but it's best to plan that they won't
the home is not being sold by someone that has PERSONAL interest in seeing it sale. and there are good deals out there beside foreclosures. I wouldn't limit my looking to foreclosures ONLY and NEVER pay for one of those "lists" those are a rip off. do your own searching on an MLS or zillow and such-you'll find the same properties.
(plus sometimes those lists give you properties that have already sold or aren't yet available)
- Robert and Dawn Morris, "RandD"
- Contributions:77
Hello,
As long as you are qualified, foreclosures tend to be no more difficult than a regular sale.
The main differences that we find are that the seller (bank) will typically not do any repairs and there will be limited disclosure from the sellers, since they have not occupied the homes.
Thank you,
Robert and Dawn
- wordsmth
- Contributions:361
Foreclosure, not forecloser.
Answer: Somewhat more difficult. It actually depends on the lender. Some make it nearly as simple as buying from an individual owner. Others make it far more difficult. Your Realtor may be able to advise you on particular lenders and how they are to deal with. I wouldn't discourage you from pursuing foreclosures, but recognize that you likely will run into more hassles than if you were buying from an individual seller.
Hope that helps.
Answer: Somewhat more difficult. It actually depends on the lender. Some make it nearly as simple as buying from an individual owner. Others make it far more difficult. Your Realtor may be able to advise you on particular lenders and how they are to deal with. I wouldn't discourage you from pursuing foreclosures, but recognize that you likely will run into more hassles than if you were buying from an individual seller.
Hope that helps.
- Angie Diaz & Mike Stastka, "Mike and Angie"
- Contributions:43
Not any harder than a regular sale. You should have an agent to guide you. This is very important. Also have your financing in play. If you are doing cash that is the best way to go.
Foreclosures sale quickly, do not procrastinate. Have your realtor do a search of the area on what has sole in last 6 months, so you can make an educated offer.
If your offer is accepted the rest is , inspection, appraisal, survey etc.
Good luck
Foreclosures sale quickly, do not procrastinate. Have your realtor do a search of the area on what has sole in last 6 months, so you can make an educated offer.
If your offer is accepted the rest is , inspection, appraisal, survey etc.
Good luck
how hard would it be to buy a forecloser
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