Buying foreclosure?
Question:
Without trying to be coy, it would help if your question was more than two words in length. What ARE you asking ?
I'm not sure what you are asking, but I will try to answer.
You will most likely be using a realtor. Take plenty of time and really look over the property. If you are serious hire a contractor to look at the property with you. When you do make your offer, you need to remember a few things.
First make your best offer because you won't be the only one offering.
Second, you are buying from a bank not some one who loves their house and wants that nice boy to have it. The geek behind the desk only knows numbers.
Three, foreclosures are sold as-is. If it has mold, termites, woodrot or the creeping crud.. too bad. make your offer accordingly.
Four, this is almost always a lengthy project. It's kinda like the army. You know, hurry up and wait. The bank will set dates and deadlines and expect you to perform, and if you miss a deadline you will be disqualified, while they typically miss every deadline that refers to them. Just get over it. It will be worth the frustration in the end.
Some thing to look out for. Some banks forclosure contracts have a clause requiring you to pay them a per/diem if not closed by the cantract date. Do not sign that unles there is a reciprical aggreement that the bank will pay you if not closed due to their actions or inaction.
Ask your realtor if they have worked foreclosures before. They can be tricky and if you and the realtor are novices... you can get your fanny burned.
Good Luck
That is a B R O A D question.
Yes people, investors, Realtors buy foreclosures all the time.
If you want to know know you might be more specific.
Foreclosures are definately not for the amateur. You better have good cash flow & expect a lot of problems.
http://www.thestl.com
Well, if you're interested in foreclosure investing, I can direct you to some good, free foreclosure training and up-to-date lists of foreclosed properties.
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