Buying a foreclosed house , anyone may get me any ?
Buying a foreclosed house , anyone may get me any ?
We have been looking at a house that is under foreclosure, and I am unsure
of what we will have to deal with if we make an offer. I am not worried about
being able to price the house, as we have been looking for over 6 months and
been inside nearly 200 houses (sigh) in the area.
The house is MLS listed, which seems somewhat strange for a foreclosure. I
have searched around for resources on this subject, but nothing I've read
talks about foreclosures that are new constructions. Actually, the house is
now 4 years old. I know that in this case, big gains are not to be had, but
we're not investors. We've been inside the house about 4 times, and we
really like it as it is a beautifully constructed house. Of course, we will
get inspections done as well.
The house is fairly priced, how should I make an offer? The listing company
promised quick response, what does that mean (weeks, months?) Anything I
know before I go into what might be a death trap? What should I check out
before I embark on this? What usually is the story behind a situation like
this?
I am just concerned about the pitfalls in this kind of situation. It has been
very hard to find anything on foreclosures that deals with MLS listed new
construction. I therefore apologise for all the questions that I have, but
I will certainly be forever grateful for any advice or stories that I get.
You didnt say who owns the house.Is it a builder trying to sell thru a
r.e. agent before he's foreclosed on or is it an REO ( real estate owned)
by the bank? If the bank is selling it thru a R.E. agent (MLS) then it is
just a normal buy. It just happens to be a vacant house that the owner
lost thru foreclosure process.I f theowner still owns it and wants to
unload it
before the foreclosure filing at the court house then he'll gladly unload
it for
what ever will save his credit.Foreclosures stay with you for 10 years.
If he's already been filed against , then you;ll have to deal with what
ever the bank holds on it plus legal fees and late payment charges, etc.
If theyre not in a hurry to settle because they want to take back the house
to try and get top $$$ then you should pass and look at 201 houses.
also, foreclosure laws vary from state to state in redemption periods,fee
limitations
etc. Check with an lawyer that specializes in this type of r.e. deal and
get
some references from him/her on books,agents