Foreclosures Help Information

Posts Tagged ‘buying’

Buying Foreclosed Property At Auction

Question: When purchasing foreclosed properties who is responsible for eviction processes?

I'm trying to learn as much as I can about foreclosures and there is a few questions I cant seem to get answered. 1. If I buy a "mortgage" at an auction and the redemption period is 6 months, will the house be occupied until those 6 months are up and I notify the occupants that they have to leave? 2. what if during those 6 months the occupants file for bankruptcy what happens to the mortgage I bought at the auction? Thanks for the help

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Answer: The buyer. You may need to work with the county sheriff. It's a mess and not something for the casual investor.

Buying & Renting Real Estate : How to Buy a Foreclosed Home at Auction

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Buying Foreclosed Properties

Question: When you buy foreclosed property, do you buy debt as well?

I saw foreclosed homes for sale in Detroit, ranging from $500 to $3000, and I'm wondering if you buy one of these, if the defaulted mortgage is part of the deal? Is the price you see what you pay?

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Answer: Not as long as you make sure that the seller (lender) delivers a clean title to you. Make sure you use a title company for title search and obtain title insurance. Also check to see if any back taxes or utility bills are due so you don't get liens filed against the property later.

ZipTV -- Distressed Properties: Short Sales and Foreclosures

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.