Comments on: How To Buy A Foreclosure.

By: Roundup and Link Love: Black Friday 2009 Edition @ Extraordinary Life Network

Roundup and Link Love: Black Friday 2009 Edition @ Extraordinary Life Network — Tue, 01 Dec 2009 16:27:42 +0000

[...] A Lot Of Money @ Money Ning. The pictures on this post are great and the list is fantastic too. How To Buy A Foreclosure @ My Two Dollars. David give some great advice on plunging into the foreclosure market without [...]

By: David.yourfinances101.com/blog

David.yourfinances101.com/blog — Tue, 24 Nov 2009 03:55:32 +0000

I would say that if you’re a do-it-yourselfer, these things could be real moneymakers. Or, if you’re not going to re-sell, a good opportuity to get a good deal.

If you’re not a DIY-er, then I think you’ve got a tough road to hoe, either way.

But great info!!

By: nan

nan — Tue, 24 Nov 2009 00:12:35 +0000

I have looked at a lot of foreclosures and started the process of purchasing them with a client. She lost most of those homes to investors with cash, even though she was qualified for a mortgage and money for repairs. She did not act quickly enough on a couple of them. She looked at them, then thought about it, but had already lost them to savvy, fast, cash buyers. On one, she did not offer enough of a downpayment. She lost that house to someone with just a little bit more down than she had. (This is my client I am now involved in a short sale with – ready to close!)

I do know one buyer who went right to the lender and called about it on a regular basis. As soon as the home was ready for market, he bought it. It never made it to the MLS.

The way a foreclosure transaction usually goes is that several buyers will put in offers to the listing agent. S/he submits all the offers at once to the bank that owns the property. The bank looks them all over and may come back with an identical counteroffer to all the buyers. This gives the buyers a chance to improve their offers – they can increase their downpayment, they can offer to pay all the seller’s closing costs and take care of any business on the seller’s side – anything to take a load off the bank. At some point, one buyer will stand out from the others, and the bank will make a contract with that person.

A buyer should hire a RealtorÂ®, who will hold a buyer’s hand throughout the entire process and put the buyer in contact with attorneys and contractors. I don’t recommend going through a foreclosure sale without one of us. It’s not usually a clear-cut transaction, and it involves many more agencies than a regular sale.

By: Edwin

Edwin — Mon, 23 Nov 2009 22:51:20 +0000

Solid information but I do have an issue with one point. While waiting to make an offer can be a legitimate strategy, getting that information from an agent seems iffy to me.

Agents are here to make money, which is best done buy turning around properties as fast as possible. Depending on the home they could either try to inflate their recommended bid because they thing their salesmanship can sell the house or they think the bank would accept more quickly.

The article just seems to imply some kind of trust with the agent which I think people should be wary of.

By: uberVU - social comments

uberVU - social comments — Mon, 23 Nov 2009 21:22:28 +0000

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