The Top 6 Mistakes of Foreclosed-Home Buying

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sallsburys of DC @ Nov 02, 2009 17:52:08 PM

evictions

if I buy a foreclosed property,How long will it be before I can take possesio of the property if the house is occupied>

Tate of GA @ Apr 28, 2009 20:22:27 PM

What is this about?

Son had $100,000 mortgage. Lost to foreclosure. Bank put on market through a realtor for $13,900. We called to buy (up to two or three times the asking price) and were told that the house was sold within the hour of putting on the market to an investor. He offered the asking price that the bank accepted. Son met buyer who was going to rent the house back to them. I called the buyer who refused to stop the sale and offered the house to me for $60,000.

What kind of a "bailed-out" bank would take a greater loss when they didn't have to? What kind of bank would not contact the previous owner who had a dozen relatives who would buy the 3 generation family home for them at their asking price and more? As a tax payer who is going to help pay for the bail out I'm really not happy that the bank would make such a poor decision (loss of $86,00).

The greed that got us into this position in the first place is still here. The rich get richer and the poor get poorer.

Lynn Steil of MI @ Mar 03, 2009 22:05:59 PM

Sheriffs Sale

We bought at a Sheriffs Sale in Ohio. Best thing ever to do. Not only did we get a good deal, we re-negotiated the tax assessment based on the sale. Be prepared, however, to wait 3-4 months for the final paperwork. THAT is frustrating.

John of OH @ Dec 04, 2008 17:51:00 PM

SENIOR JUDGMENT TO FIRST AND SECOND LOANS

INDYMAC GAVE A FIRST AND SECOND LOAN AROUND A $350,000 SECOND MORTGAGE BELONGING TO PREVIOUS OWNER.

IF THE PROPERTY IS FORCLOSED BY INDYMAC WILL I RECEIVE MY $350,000 FIRST?

THANK YOU.

CHRISTY of CA @ Dec 04, 2008 14:11:54 PM

Banks playing games in this market!! Arrogance and Stupidity

A major bank received our offer two weeks ago. They required us to sign a contact with a specific closing date but after we returned the documents they required, their selling agent told us we did not have a binding contract until we received counter-signed documents accepting our offer. So far they have not responded with countersigned documents. We now have less than two weeks to closing and need to arrange inspection, finalize loan options, etc. They also have a clause in their contract giving them the option to consider previously submitted offers and any other offer that may come in after our offer, even though their agent told us we had he house and it was just a matter of time for the banks response. It does not take two weeks to sign a document. They are not serious about selling and prefer to play games with potential buyer no matter how well qualified or financed.

Ready to pull offer of CA @ Dec 04, 2008 13:26:28 PM

Bank/seller requests buyer info?

Is it unusual for the bank that owns the foreclosed property to demand a buyers financial information prior to considering the bid? My agent told me they wanted me to fill out their loan app. even though I already have prequal letters from 2 mortgage companies. Seems to me this is giving them a negotiating advantage to counter my offer.

LL

l. linder of TX @ Nov 26, 2008 12:29:34 PM

Great Article... on How To Buy A Foreclosure House

Buying a Foreclosure Home can be a tough decision when buying take it from a experienced Real Estate Investor, Its best to have a good team, sometimes having a sense with no legal backup can be very risky and sometimes end up in a loss or even in jail. To avoid mistakes follow some of these rules and you will be on the right track.

J. Cline

J cline of NY @ Nov 20, 2008 21:53:38 PM