Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Susan asks…

Why aren’t lists of foreclosed home for sale by banks easier to find?

Your Questions About Foreclosures

The Expert answers:

They put them in the MLS, it could not be easier then that.

Your Questions About Foreclosures

Robert asks…

How long did it take to find out if your offer on foreclosed house was accepted?

I know foreclosed homes (not short sale) take longer than a regular for sale home. I was wondering how long it took you to hear if your offer was accepted. What was your process and experience?

Your Questions About Foreclosures

The Expert answers:

I recently bought a foreclosed home (bank owned). It took us just 1 day and got the answer that our offer was accepted against 4 other offers. Same house we put offer back when it was on a short sale that took us 3 months and still no news till it was foreclosed.

On other foreclosed home we put an offer mostly anywhere from 3 days to 2 weeks.

Your Questions About Foreclosures

Nancy asks…

My wife and I submitted an offer on a short sale/foreclosed home. There were multiple offers submitted….?

What’s the process for this type of property and how long should it take for the bank to respond? Will the bank choose one offer or will they negotiate with all parties?

Your Questions About Foreclosures

The Expert answers:

My experience is that bank owned sellers will accept offers down to 90% of their asking price and pay 6% to CCs/Down payment assistance.

But as you found out, you are competing with many other buyers for that house.

You can imagine that sifting through all those offers is time consuming and NOT fast. Expect to hear back in 2 weeks +.

Keep bugging your realtor and be patient (don’t take it personally) that it takes time.

Each offer is its own entity. They will likely start communicating with the offer that allows them to make the most $. Your professional realtor will have sufficient information about what is owed and closing cost to evaluate how much the seller will make by accepting your offer.

Also, get qualified with a mortgage professional. You will NEED an LSR… But yours will be stronger than others if you have an AU approval (FHA/FNMA “Approve/Eligible” or FHLMC “Streamline Accept”) This AU approval PROVES you can get financing to close the deal.

Best of luck!

Your Questions About Foreclosures

John asks…

When you buy foreclosed property, do you buy debt as well?

I saw foreclosed homes for sale in Detroit, ranging from $500 to $3000, and I’m wondering if you buy one of these, if the defaulted mortgage is part of the deal? Is the price you see what you pay?

Your Questions About Foreclosures

The Expert answers:

Not as long as you make sure that the seller (lender) delivers a clean title to you. Make sure you use a title company for title search and obtain title insurance. Also check to see if any back taxes or utility bills are due so you don’t get liens filed against the property later.

Your Questions About Foreclosures

Ruth asks…

Where would I go to find the foreclosed homes in my area?

I’m looking to buy my first home but would rather buy a foreclosure and sink the money into the updates than to buy a nicer remodeled home. Where would I go to find this info out, I know they do not put for sale sign on foreclosed homes. City hall maybe? Or should I just get a Realtor and have them find them? Thanks! :) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

A realtor can find you the foreclosed homes in your area. They are called REO’s.

You have the right idea but things don’t work that way. If you are getting an FHA loan, forget about fixers. You will not qualify. If you are getting your loan from a major bank, you will need a minimum of 20% down to buy a fixer. If a property condition is more than a cosmetic fixer, you will need all cash to buy the house.

Please keep this in mind. When purchasing a fixer, you’re not going to just remodeled the old and messed up stuff. The moment you tear 1 thing out, count on 2 issues comming up in its place.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures