Buying A Home
amwadas
member
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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.
Foreclosure Stories
We found a foreclosure we really like. Our realtor makes it sound like foreclosures are a bit easier to deal with than a short sale. Anyone have any stories, advice for moving forward on one?
Re: Foreclosure Stories
Typically they are sold AS-IS, so you can do all the inspections you want, but they are not going to fix anything or reduce the price. So you will have to do all your inspections upfront at your own cost/risk and work any repairs into your offer. You may also be responsible for the CO, which could become costly.
Typically banks want strong buyers and you are usually at their mercy and timing through the whole process.
View our FOR SALE items
http://tinyurl.com/3jjv7vy
Saw a foreclosure on July 2. Put an offer in on July 5th. Counters on both sides went for 2.5 weeks (they are slower to get back to you and do not work weekends).
Ended up settling at 7% below asking (which was already significantly less than comps and the appraisal). In addition, they did all repairs asked (which were significant and included electrical, structural, a/c replacement and plumbing), paid closing costs, and included 2 year home warranty.
We closed within 35 days after first offer.
We got a steal
My Valentine Bookends (2~13~13, 2~15~09)
I'm curious, was yours through a program for Freddie Mac called Homesteps? Sounds similar because of the 2 year warranty....this house isa homesteps one that we like so I'm curious since it sounds like you had a good experience.
Growing Up Olson
No, but I wonder if the bank was trying to make it competitive with that program?
My Valentine Bookends (2~13~13, 2~15~09)
My Valentine Bookends (2~13~13, 2~15~09)
Ours is! We close tomorrow. We offered on October 3rd, went back and forth twice and were under contract October 10th. They seem pretty together. It was my lender who I had to press and press to speed it up.
For our foreclosure, the realtor had the water heater and the stove fixed. Not sure what got her to do that and I think the Freddie Mac bank paid for it.
We also were allowed to ask for 3% closing costs. It's a shame we were not able to use it all.
Short Sales, from what I understand, can be a huge mess. My realtor said sometimes the owner still lives there (or do they always still live there?) and sometimes the SS is not approved yet and it just can be a long, drawn out, rough process.