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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
thinking about buying foreclosured
My Fi and I have been talking about buying a house. However, he works in an industry where he makes cash. So getting a mortgage is very difficult. We were thinking of buying a foreclosed home. Wondering if anyone has gone through this process and if they have any advice. Houses here are ridiculous. Really want to stay in Lindenhurst or Babylon.
Plus-- Fi said no babies until we have a house. So, I'd REALLY like to have a house by this time next year. (we're getting married in July 2010)
Thanks in advance.
Re: thinking about buying foreclosured
I worked at a real estate office, mortgage brokerage and a title company. The only advice I can give is to insure that the property is already foreclosed upon before even attempting to place an offer. There are alot of steps in foreclosing on a property and it doesn't happen overnight. So just make sure the property is completely in the clear, in the banks name and etc. Otherwise you risk the property still being inhabited if the sale is being rushed. Feel free to reply if you have any questions.
Ashley
Skittlz,
Good luck...when we were searching we found tons of foreclosures but they were in terribly poor conditions. However, we did bump into a few houses that were taking only cash offers. There are some out there, so maybe this is something you can ask you agent about.
p.s. we're about to close on a house in Lindenhurst...what can you tell me about the area?
Unfortunately, you are usually buying a foreclosed home "as is." Most of the time the interested party cannot go take a look at the foreclosed home before the foreclosure auction, and given that many foreclosed home are in need of major TLC (given a homeowner who may have abandoned the home or not been able to pay to upkeep it) this could be risky.
A "short sale" is when the bank agrees to have a realtor list the home for a while in the hope that a buyer will make a bid which would satisfy the mortgage and thereby eliminate the need for a judicial foreclosure. This may be a better option. You can indicate to your realtor that you would be interested in a short sale.
Best of luck to you!
Thank you all for your help. We may not have to go the foreclosure way. FH parents want to move to Pa. They asked us if we'd take over their house. So, we are talking about doing that. Wouldn't be till the fall, but that's ok.
Thanks again for all the info. I really appreciate it.