Buying A Home
Doubletrouble12
member
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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.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Purchasing a foreclosure??
Looking for any help when purchasing a foreclosure. We are currently interested
in one that Real Estate has not yet put up for sale and it seems like a long
process.
Anybody had any experience purchasing one, questions to ask, is it a long process, things to watch for??
Any help would be appreciated! Thanks
Re: Purchasing a foreclosure??
We looked at a few while house hunting. They are usually priced to sell so unless it sits for a while, price negotiations are pretty minimal. Also typically sold as is so if it needs a new furnace, roof, etc, they likely won't except a lower offer because of the needed repairs or fix something.
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We bought a foreclosure. It sat for a while on the market because the bank wanted way to much. When it reached a good price for us, we put an offer on it. There were some negotiations, but it is an "as is" house. Meaning they will not fix anything or give any credits after an inspection. From the time we put the offer in to the time we closed was 5 weeks. Not a long process at all.
Recommend getting a good home inspection. In a lot of foreclosed homes, there is no power nor water. So you will have to have those turned on for the home inspection.
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I bought a foreclosure three years ago and it was a great experience. It took slightly longer than if I had bought it from the average seller, but nothing crazy. The bank was actually quite prompt in getting back to my agent in regards to the offer and counter offer.
I initially offered their asking price (because it was way undervalued) plus 6% closing. They came back at 3% closing. I then countered back raising the house price above their list price and stuck to the 6% closing. Essentially, it was the same amount of money as their counter, but I could bring less to the closing table. They accepted that.
They flat out refused to repair anything though, and I think that is typical of foreclosures. And there was $6K of work I needed to do right away to make the house liveable. Work needed is also typical of foreclosures, lol. But, hey, I bought the house for $45K below the appraisal value, so it was well worth it to me!