Omaha Nesties
Dear Community,
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.
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.
Buying a Foreclosure
Anyone here bought a foreclosure recently? Did you end up offering pretty close to asking? Did you pay all of your closing costs? Any tips on the process?
Re: Buying a Foreclosure
Our first house was a foreclosure. We offered the asking price. Our real estate agent ran numbers and thought the price was very good the way it was. She said banks usually don't wiggle too much because they want to get back what is still owed on the loan. The house was the nicest one we'd looked at in the 30+ houses we'd seen, and it had been on the market for 3 days, so we didn't want to lose it.
I think we paid the closing costs, but financed it into our loan. I don't remember paying that part out of pocket.
The hardest part with the foreclosure was the waiting. We put in our offer in October and didn't close on the house until Dec. 15th. Banks work in their own little world, so they weren't on our timetable. It was kind of a hassle because our real estate agent was dealing with an agent in Omaha who was dealing with an agent in Texas who was working for the bank in Texas. I think it took us over 2 weeks to hear back about the offer.
The other thing to consider is you don't get any disclosure, normally. As long as you have a very good inspection, that shouldn't be a big deal. Had we had any disclosure, we'd have known that the house flooded in the past. The inspection had no way of showing that.
Good luck! We got a great house for a great price and made a chunk of change on it after we fixed it up. I loved having a house that I could work on.