Buying A Home
lildevil968
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.
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
What is the process, how long does it take to close, and do you pay the banks asking price?
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Re: Buying a Foreclosure
We are in the middle of buying a foreclosure. The length of time is really dependent on how fast the bank moves. We made our first offer early November and it took a few days for a counter offer. We immediately countered that offer and we did not receive the counter from that offer until the week of Thanksgiving. We signed and turned in all the paperwork that week, and it took a full week for the bank to sign the agreement. Right now we are in the Pending Option stage, and are booking an inspection asap. The goal is to close December 14th. We are able to take care of our side of things pretty quickly, but it seems we need to leave a lot of wiggle room for the bank.
We did not pay asking price. Our initial offer was 10% less with seller paying closing costs, and we finally agreed to 6% less than asking and seller paying $5600 in closing costs, which will probably leave us paying about $400 in closing costs. The seller also threw in a home warranty.
You cannot renegotiate price after the inspection, so take unexpected costs into consideration when you make your offer. The home we are buying is only a few years old, has not been vacant very long, and when we walked through nothing really stood out as needing repair. Still, you never know, so the Home Warranty is nice to have, and getting the seller to pay more of the closing costs, so we have more cash on hand for unexpected repairs, was important to us.
Thank you for your reply. We looked at a foreclosure this weekend, where ready to put a bid in on it, and then we walked outside. Right behind the house was about 20 ft unsecured rock cliff which would cost about 10-30k to fix, and would have to be fixed immediately. Because it is a high flood area, the unsecured rock is a major issue, and we decided against the house immediately. However, we are starting to really look at foreclosures, and i did not know the process, so your response really helps :-)
ETA: The cliff was about 15 ft away from the house, basically the back of the house butted right up against it.