Oklahoma Nesties
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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 home questions
Has anyone ever bought a foreclosure? If so, how does the process work? Do you put in an offer close to the foreclosure amount or got lower or higher? Any other information would be great.
We found a house that is in foreclosure and were very interested in it. I have a very close figure to what is owed. I am just not sure how the process works. Any information would be greatly appreciated.
TIA!
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Re: foreclosure home questions
We tried to buy a few foreclosed homes a year or so before we bought the house we live in now. For one thing, and this is clearly not your problem, anyone on the "inside" giving you information about the house, how much is owed on it, etc etc is very illegal, so be careful with that.
Has the has been to auction yet or has it already been purchased by the bank? In layman's terms, this is how it works:
Generally, the bank takes possession of the house. The house can be purchased at a Sherrif's sale. Not sure how the sales work in your county but you can find all of that information at the courthouse. Cleveland and Oklahoma counties have their sheriff sales on Tuesday and they publish a list of the properties several weeks before auction. Now, just because a property is on the list to be auctioned doesn't mean it will happen because the original owner still has a chance to get into good standing. You go to the auction, you bid against the bank. Generally, the bank wins and ends up putting the house on the market normally. <<<<<<It is a good idea to not allow me to get on a rampage about this. If you do win (which can happen), you have to put down 10% cash that day. You aren't allowed an inspection and you have to close within 30 days. It is a very good idea to have financing all lined up because if you don't close within 30 days, the bank tends to get a little irritated. All of that information is online as well, it probably varies county by county.
Nowwwwwwwwww....if this is a local bank - not a national bank - that owns the property, you could *probably* buy the property from the bank directly but *I think* that can only happen AFTER the auction. In that case, you just get a list from them of Bank Owned Properties and make an offer just as if the Bank is a normal person.
The auctions are very interesting. I highly recommend you attend one.
I am suppose to be getting more information soon so I will ask if it is going be auctioned or just sold by the bank.
Thanks for the info.