Buying A Home
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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.
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.
Auction anyone??
So I house I hope to buy is a foreclosure, and just as I'm putting together an offer my agent updates me that it has been turned over to an auction company.
He said he can represent me (and we may be able to get the inspection report that was recently done for another buyer - their funding feel through so we would offer to buy the report from them)
I understand there is a buyers premium (5%) and and auction fee (not sure yet how much)
Anyone go this route? It all sounds rather intimidating (but if it sound intimidating to others they may also not pursue this house which means I could get a better price!)
Re: Auction anyone??
We recently bid on an auction house, but it was an estate auction - not in foreclosure. That being said, I didn't love the process compared to conventional buying (we have already purchased a house once before). Maybe a foreclosure will be different, but there really isn't a disclosure statement, you have to pay for an inspection prior to even being under contract (great that you might be able to buy the one, but you'd still want to double check the inspector's credentials and background), and it's smart to get an appraisal so you can secure pre-approval for the amount you are bidding.
That costs a lot of money and unless you're pretty sure that someone else isn't going to outbid you, it seems a like a big expense for not having a good idea if you are bidding against 1 or 20 other people.
We also didn't get the house, so maybe I'm a little jaded - the house went for $20k more than what we expected, so it's an advantage to the seller (bank) and not to the buyer unless you do score a huge deal.
Are you united with the CCOKCs?