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robcoll1002
My Beautiful Babies
Member since 5/05 2073 total posts
Name:
Colleen
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Anyone buy a Foreclosure???
If so, can you tell me if the process was a smooth one or difficult one? What was the turn around time from when you submitted an offer to when it got accepted and how long it took to close? Did you offer list price to ensure you would get the house or did you start the offer low? TIA
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Posted 8/6/09 8:35 AM  |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Anyone buy a Foreclosure???
Extremely smooth for us! We put our offer in on a Friday and the bank accepted on Monday. The only thing they changed was the closing date, they wanted it sooner and we agreed.
So contracts were signed that day (4/2) and we closed about a month later (5/8).
The asking price was already extremely low so we offered 3% below asking plus 3% closing costs, which the bank agreed to. We were putting 10% down and were pre-approved for the mortgage.
We ended up with about $100k equity immediately b/c of the price we got.
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| Posted 8/6/09 9:03 AM |
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robcoll1002
My Beautiful Babies
Member since 5/05 2073 total posts
Name:
Colleen
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Re: Anyone buy a Foreclosure???
Thankyou so much for your response. My DH and I never even considered looking at foreclosures because we always assumed they would be hassel. We are slowly approaching the closing date on my current home and still have not found a house we like. We did look at a foreclosure last night that we really like and are submitting our offer (list price) today. I'm glad your experience was a good one, it makes me feel alot better.
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| Posted 8/6/09 10:37 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Anyone buy a Foreclosure???
More! More stories!! anyone else?
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| Posted 8/6/09 10:54 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Anyone buy a Foreclosure???
not a forclosure but a short sale - but this is working out more like a foreclosure for us - we dealt with a short sale for about 4 months and it was a horror!!!!
then we found another short sale but luckily they handled it more like it was already a foreclosure - we dealt directly with the bank and got an offer accepted in 12 business days (that was with some negotiating)..its rare that a short sale goes that quick....
fingers crossed that it works out for us - we are doing inspection next week...
if i were you i would def check out and go for a bank owned property - you can get a great deal
Message edited 8/6/2009 1:49:09 PM.
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| Posted 8/6/09 1:48 PM |
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carolinebn
LIF Infant
Member since 7/07 190 total posts
Name:
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Re: Anyone buy a Foreclosure???
we bought a foreclosure. We had to put a LOT of work into the house since it was neglected and the previous owners did a lot of damage. It took us a while with the offer and negotiations. We also bought our house via FHA loan so the whole experience was more stressful than my previous sale as every t had to be crossed, i dotted, etc. FHA really busted our chops but we could not be happier.
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| Posted 8/6/09 4:26 PM |
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onlylisa
LIF Adolescent
Member since 3/09 740 total posts
Name:
Lisa
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Re: Anyone buy a Foreclosure???
I just closed last week on my foreclosure. We offered 10k less than list price and it was accepted within 3 days. We also got a 3% seller's concession to help with closing costs. We have an FHA mortgage and we closed within 30 days. The house needs some work, but not as bad as many foreclosures because it wasn't vacant that long- mostly cosmetic and some updating. The house was appraised for 75k more than we paid. I still can't believe how fast this went!
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| Posted 8/6/09 10:30 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Anyone buy a Foreclosure???
Posted by carolinebn
we bought a foreclosure. We had to put a LOT of work into the house since it was neglected and the previous owners did a lot of damage. It took us a while with the offer and negotiations. We also bought our house via FHA loan so the whole experience was more stressful than my previous sale as every t had to be crossed, i dotted, etc. FHA really busted our chops but we could not be happier.
Did you use the 203K FHA loan?
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| Posted 8/7/09 7:29 AM |
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carolinebn
LIF Infant
Member since 7/07 190 total posts
Name:
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Re: Anyone buy a Foreclosure???
Posted by rkoenke
Posted by carolinebn
we bought a foreclosure. We had to put a LOT of work into the house since it was neglected and the previous owners did a lot of damage. It took us a while with the offer and negotiations. We also bought our house via FHA loan so the whole experience was more stressful than my previous sale as every t had to be crossed, i dotted, etc. FHA really busted our chops but we could not be happier.
Did you use the 203K FHA loan?
um... I don't think I know what that is.  I know we did FHA though, and we got a great rate, but the process was a little difficult b/c FHA sends their own appraisers in ADDITION to the bank's appraiser. And FHA gets to review the inspection report, etc. So you kind of have to do everything twice.
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| Posted 8/7/09 12:06 PM |
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carolinebn
LIF Infant
Member since 7/07 190 total posts
Name:
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Re: Anyone buy a Foreclosure???
Posted by onlylisa
I just closed last week on my foreclosure. We offered 10k less than list price and it was accepted within 3 days. We also got a 3% seller's concession to help with closing costs. We have an FHA mortgage and we closed within 30 days. The house needs some work, but not as bad as many foreclosures because it wasn't vacant that long- mostly cosmetic and some updating. The house was appraised for 75k more than we paid. I still can't believe how fast this went!
that's awesome! We too paid much less for that house than it was appraised for. 
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| Posted 8/7/09 12:07 PM |
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