Foreclosures Help Information

Posts Tagged ‘Article Bank’

Bank Owned Foreclosed Homes

Question: How long should I wait to for bank to respond to home offer?

I made an offer on a bank owned foreclosed home being sold as is and its been 3 weeks and they haven't responded. the list price of home was $45,000. I offered $38,000 with FHA 203K mortgage plus my agent included they pay 6% of closing cost and 1 year warranty ( I don't know what warranty covers). Also, it is contingent on home inspection. About a week after submitting my offer to the bank, they lowered the cost of the home to $42,500 but they still haven't responded to my offer.

My agent is hounding the banks agent for a response and the banks agent says he has faxed the offer multiple times and hasn't heard anything. Should I make them a offer they can't refuse or wait longer?

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Answer: They answered.....there is no counter, they are simply not interested. Your offer is exceptionally weak and will not be considered a serious offer.

Foreclosures Bank Owned, Foreclosed Homes $.50 On the Dollar

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Bank Foreclosure Property

Question: Bank Owned Foreclosure?

How do I go about buying a house in foreclosure/bank owned? Will banks finance properties in foreclosure? Do you think foreclosures are a good investment?

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Answer: Yes, banks will finance properties in foreclosure. However, they usually will NOT look at any offers that have any contingencies (i.e. contingent on sale of your existing home, contingent on inspection, contingent on obtaining financing, etc.), so foreclosures are not an option for everybody. Banks are very slow at responding to offers - sometimes even more than a month before responding to your offer, so if you're trying to sell your existing home it's hard to get the timing right. (For example, if you sell your existing home and the bank does not accept your purchase offer, you're left w/out a home! Or, the bank accepts your offer and it takes longer to sell your house than you plan for and you're stuck w/ two mortgages.) Foreclosures are probably best for first-time homebuyers who don't need to coordinate the sale of an existing home, or for homebuyers who can easily qualify for (and afford to carry) mortgages on both an existing home and the new home.

Make Money with Property foreclosures and bank foreclosed h

Bank Foreclosure Costs

Question: Can I offer less on a foreclosure and do banks cover closing costs?

There is a house for sale and it is a foreclosure. We want to offer $7000 less than what they have it on the market for. Can we offer less on a foreclosure and could we ask for closing assistance (adding $5000 to the amount of the house). Not sure if banks allow this. This is in Cedar Park, Texas.
I know I can ask - just wondering if it was standard or if banks just don't do that?

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Answer: You can, but many lenders want "clean" offers, with no sellers contributions and such.

My concern is going to be appraisal. You cannot "over offer," ask for a sellers concession to pay your closing, and expect it to appraise. Appraisals are becoming a very sticky subject, since our government passed legislation regarding appraisals, how they are done, and people thousands of miles away assessing the validitiy.

Arrowhead Ranch Foreclosure $800k last purchase now $375000