Zillow Advice: Buying a Foreclosure - What will I need to expect when buying a foreclosed home? http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ Zillow Advice | Zillow Real Estate On a positive note, foreclosure ... http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ On a positive note, foreclosure sales can be a great investment. &nbsp;As a Bank Representitive working for a few large companies understand the following: &nbsp;<br/><br/>In most cases the price is set after reviewing two - three market evaluations or appraisals. &nbsp;The bank typically will use other foreclosed property comps to get their "fair market value'.<br/><br/>Understand that these properties MAY read AS-IS although the majority of the banks have been known to still re-install appliances such as A/C units, faucets, sinks, toilets, water heaters etc. that have been removed. So don't be afraid to ask for them to be re-installed if missing.<br/><br/>If you are financing this REO, leave it to your lenders appraiser to identify things like Broken windows &amp; doors, missing appliances and of course pricing issues if they arise.&nbsp;<br/><br/>Many of the REO properties have sat vacant for many months and therefore they need more 'love' than a typical sale, although most people are drawn to them because of VALUE. &nbsp;So if you see this as a 'minor cosmetic fixer' then you may still be money ahead in the end...although if it has had additions or your home inspector finds areas of concern that are pricey, simply ask for them to be repaired or cancel he sale.<br/><br/>KEY POINT: Always hire a qualified Home Inspector! &nbsp;It will be worth every penny! (Even in an AS-IS sale)<br/><br/>Lastly, if you are really liking this home, visit the neighbors...I am certain you will hear a hole different side to this house!<br/><br/>Scott Cary-Broker<br/> Sun, 27 Jan 2013 17:17:00 GMT http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ 2013-01-27T17:17:00Z Congratulations on starting ... http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ Congratulations on starting the process of owning a home. We have helped a number of clients with this type of purchase. Make sure you have an agent on your side who is experienced in this type of transaction.<br/><br/>Many foreclosure sales can be as smooth as any other type of property. It often depends on the bank that has foreclosed on the property as to how your experience will be. Look carefully at the condition of the home and have your agent run a comparable sales analysis&nbsp;to get an idea of the market value before submitting your offer. Your offer should also be contingent on an inspection within 7-10 days. The main issues with a foreclosure is insuring that you get clear title. Some banks do not foreclose on the property correctly and actually have to go through the process a second time. Your title company will help with that. Also the seller will likely have you sign a lengthy addendum after the contract is accepted that basically rewrites the terms and conditions of the original contract. Make sure you understand what you are agreeing to and if there is any doubt, pay for an hour of attorney's time to review the documents for you. You will want to insure that your title company documents that there are no liens against the property that are unpaid at closing. This is a pretty standard search for them, but do make sure it is part of your closing documents.<br/>Usually you can close on a foreclosure within 30-60 days from contract.<br/><br/>Good luck, you will do fine. Sun, 27 Jan 2013 15:29:00 GMT http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ 2013-01-27T15:29:00Z Some&nbsp;possibilities:&nbsp;1. ... http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ Some&nbsp;possibilities:&nbsp;<br/>1. &nbsp;The process to take 2 to 4 months, if it closes.&nbsp;<br/>2. &nbsp;Mold<br/>3. &nbsp;Clogged Drain<br/>4. &nbsp;Title problems<br/>5. &nbsp;Squatters<br/>6. &nbsp;Hazardous Material in the yard<br/>7. &nbsp;Broken sprinklers<br/>8. &nbsp;Missing appliances<br/><br/>Not every transaction is the same, especially when dealing with foreclosed homes. &nbsp;Get a good Home Inspector and be&nbsp;prepared&nbsp;to hurry up and wait. &nbsp;<br/><br/>Best of Luck,<br/><br/>Josh Barnett, Realtor&nbsp; Sat, 26 Jan 2013 23:00:00 GMT http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ 2013-01-26T23:00:00Z Here's a link to Zillow's ... http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ Here's a link to <a href="http://www.zillow.com/foreclosures/">Zillow's foreclosure information center</a>. <br/><br/>Purchase of a foreclosure is not an easy process.&nbsp;&nbsp; Expect delays, headaches, a home being sold "as is".&nbsp;&nbsp; Sometimes there are bargains, often they are not bargains.&nbsp; <br/><br/>Here's a link to <a href="http://www.zillow.com/wikipages/Buyer%27s-Roadmap/">Zillow's buyer's roadmap</a> - also useful background reading. <br/><br/><br/><br/> Sat, 26 Jan 2013 22:57:00 GMT http://www.zillow.com/advice-thread/What-will-I-need-to-expect-when-buying-a-foreclosed-home/476014/ 2013-01-26T22:57:00Z