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PUT IN AN OFFER!
My H and I just put an offer in on our first home on Wed after viewing it Tue!!! We recently got married June 23, 2012 and while we wheren't expecting to become home owner's quite yet this property nearly fell in our lap and things are coming together so we just couldn't pass it up.
It's in my home town (about 15 min from where we are currently staying), 3 bedroom, 2 bathroom, 1 car garage with a great layout and decent sized yard (porch and patio). However, it is a foreclosure and a major project house so if we get it the works just beginning. The bonus is that we can truly make it our home then.
The realtor said it would be 3-5 days to hear back on whether or not our offer got accepted. Hoping to hear something tomorrow because this waiting is killing me!!!
Re: PUT IN AN OFFER!
Yes, the waiting is a killer in foreclosure deals. The ones I've worked with recently - all have been just back & forth emails until an agreed upon price, etc - then the offer is written. Be warry of some loan programs if you are buying a foreclosure property. Properties in foreclosure are As Is Where Is, meaning no repairs and inspections are for peace of mind only - not for negotiating. Any lender required repairs (new roof, window, paint, mold remediation) could be tacked on to the loan.
Hope your transaction goes smoothly! I"ve worked quite a few for clients this year and each one of them went above asking price and were a pain (but I think most of that was the other Realtor I was working with).
Best of luck!!:)
Congrats! That is so exciting! FWIW foreclosures are at least quicker and better than short sales
We aren't doing any type of traditional loan. My husband and I lack the credit for a loan at the moment due to student loans and my medical bills so my Mother is being VERY helpful and is doing a line of credit to cover the majority of it (and then we will do a "rent to own" type of agreement where she is basically our bank and we make our monthly mortgage payment to her) and we are paying the balance in cash. We already know the home needs a ton of repairs but the price reflects that and there is no way we could afford to purchase a home like this one without it being a similar situation. The upside to the repairs and remodeling is that we will be able to make it how we want it!