Foreclosures Help Information

Archive for December, 2007

Steps Buying Foreclosure Home

Question: Anyone that has purchased a foreclosed home?

I'm trying to get my son and I into a home before my husband returns home from Iraq. Some of the homes we have looked at are foreclosures. I was just wanting to know from someone who has purchased one before, if there is anything special that is required? Like what would be our steps to go through if we were to buy a foreclosed home? Is it any different than buying any other home? Thanks to anyone that can help.

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Answer: Your steps are pretty much the same as buying another property. If the home is REO and the bank now owns it due to the completion of the foreclosure process, then it will be listed with an agent. You, working with your buyer agent, submit a contract offer and wait for it to be accepted.

As another answerer mentioned, REOs are usually sold "AS-IS" with very few contingencies allowed. Your main contingency in your offer will be the home inspection. However, any issues you find in the inspection will usually not be repaired by the bank, but may allow you to withdraw your contract or amend your offer to reduce the price to accommodate. Nonetheless, you should try and evaluate as much about the condition as you can when you walk though the home prior to writing your contract.

Also, banks don't want to hold houses, so if you can offer a fast closing (30 days or less), they (and their agent) will be more motivated to accept your offer.

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Foreclosure Law Tennessee

Question: Putting an offer on a foreclosure- maybe specific to Tennessee?

I put an offer on a house last thursday. The next day someone else put an offer on it and our real estate agent said that they would consider both offers side by side to see who would net them the most money.
Now I talked to my dad who's a know-it-all but not professionally and he said that everyone including banks are required to consider offers one at a time, say yes or no to one and then move on to the next one. So by comparing our offers, he thinks the bank is breaking the law.
Is the bank right or my dad? My real estate agent doesn't seem to think anything is wrong with it and I haven't wanted to question her judgement since she's been wonderful so far.

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Answer: The bank is right. They can consider all offers until a contract is accepted. What a Real Estate agent can't do is give a new potential buyer information on the offers that are already on the table, other than that they exist

H G Pick Attorney At Law - Crossville, TN

Bank Foreclosed Rv

Have you heard of people getting great deals on repossessed cars but don't know where to start?  Hopefully I can give you some tips and turn you into a bona fide "Repo Car Finder".  Banks and Credit Unions across America on occasion have no choice but to repossess vehicles they have a lien against.

Every financial institution handles these orphaned vehicles differently.  Some of them get turned over to local car dealers, some of them get trucked off to "Dealer Only" auctions, and many also are sold directly by Banks and Credit Unions to people like you and me.

Knowing that there are thousands of Credit Union repos out there looking for "Repo Finders" to buy them, the question is where can you find them.  Several companies have popped up to sell consumers a list of public auctions for about $50.  These lists may be useful to some; but you have to pay $50 for the list, generally a fee to enter the auction, and anything you buy has a commission built in to the price for the auctioneer.  Aside from this, you still have to arrange your own financing and be ready to buy onsite.  Failure to have a loan in place may cost you additionally.

Contrast that option with RepoFinder.com.  RepoFinder.com is a new concept in shopping for a Credit Union Repossession.  It is a very simple to use directory that lists links to Credit Union repo postings in your area.  When you visit www.RepoFinder.com you will see a map of the United States.  Simply click on your State and scroll down to a list of Credit Unions in your area.  As you click on these Credit Unions your web browser will be directed to the Credit Union's website that shows you exactly what they are selling.  Don't see something you like?  You can click on the other Credit Unions until you find something that suits your needs.  Once you find something you like you can visit the Credit Union and see the vehicle in person.  If everything looks good make an offer.

Buying from a Credit Union has other fringe benefits.  If they don't want to budge on price, ask for special financing terms.  Many of the Credit Unions already offer interest rates as low as 0% (O.A.C.).  Typically repossessed cars don't come with any warranty above and beyond what the manufacturer offers.  These vehicles are sold as-is.  If you do your homework, you can make sure you're buying a quality vehicle.

Credit Unions are not Car Dealers.  They don't want to keep these cars on their books.  This is why they can offer them so much lower than a Dealer can.  They don't charge additional fees, and there is no commission built into the price either.  Credit Unions pride themselves in gaining your trust.  They will make sure you get a good deal.  Couple that with in-house financing and you can get a good deal on both a car and a loan.

Do you think you're ready yet?  Feel free to search www.RepoFinder.com often.  Inventory can change at any time.  Before long you'll be a bona fide "Repo Car Finder"!

About the Author:

Mike Dudical is the go-to guy for advice on buying Credit Union Repossessions. He recommends www.repofinder.com because it's FREE and it works. Other sites love to take your money before they show you the repossessions. RepoFinder eliminates the middle-man and puts the repossessions right at your fingertips.

Article Source: ArticlesBase.com - Are you a "Repo Car Finder"? Search RepoFinder's website for FREE and Find Out

Tatum Ranch Bank Owned Foreclosure