Foreclosures Help Information

Posts Tagged ‘Article Bank’

Bank Foreclosed Homes In Ohio

Question: How can I find foreclosed homes in the Cleveland ohio Area?

I'm 25 and my husband and I would like to look at cheap houses that were foreclosed and now the banks own them.
I can't seem to find a legit website or info regarding this.
I rent right now so we would be first time homebuyers.
Thank you!
I saw on tv a couple bought a house in Detroit for 100 bucks! I'm hoping I can get lucky in Cleveland too.

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Answer: there a scam.
realtytrac.com for all the info. bank owned dont get too excited. they (banks) will only sell at fair market value. and short sales is short for auction. they wait for highest bidder if any.
be sure you do your homework if you try. you want to be sure any house has any leins.
as for a 1 st time buyer. go through fha home loans. little as 3 % down. but clean up your credit report. get all 3 and dispute all old stuff every 90 days do that for 6 months,then go for a home.

Ohio Foreclosed Homes - OH

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Bank Foreclosed Homes For Sale

Question: How do I buy foreclosed home/short sale/bank owned.?

I am having a really hard time buying a house. After a few weeks of trying by myself to buy a home. I have come to realize that I REALLY need an agent. I have a month to buy a home and have come across the "short sale" which can take up to 3 months. I have been approved for 200k. I want a townhouse and it seems like all the homes I can afford are way out of town. At the same time I see hundreds of homes in short sale and foreclosures. Here are my questions hopefully you can help me out.

1) If I make an offer 5k-10k higher than asking price on short sale, will the accept faster or will it still take the same amount of time?
2) If I go with bank owned/REO should I have a realtor and also what is the wait time on the approval.
3) What is the best way in going about buying a home in foreclosure/bank owned/short sale?

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Answer: Nothing you can do will speed up a short sale. A very aggressive agent can speed it up, but you do not have time to find an aggressive one with time to deal with you. The good agents are very very busy these days.

Stick with REO and use an agent. The banks are not that concerned with you go over asking price, but want strong offers. ie, the larger your down payment the better.

REO's close in a week with cash, and the standard 14-30 days if you finance. It pretty much depends on the bank you finance with.

Bank Foreclosures

Bank Foreclosure Homes

Question: How do I purchase a foreclosure home that is owned by the bank?

I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?

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Answer: Your best bet is to contact the bank that owns the property directly.

They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city.

Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan.

Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask!

Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to obtain that information.

Often, the price listed is the amount of the loan that has been defaulted on. Not necessarily the first loan which would have priority in a foreclosure sale...

$10k for a house is usually not the sale price. Did you find the listings on the Yahoo! foreclosure site?

Foreclosed Homes