I heard that you are only allowed to veiw the outside of the home on foreclosed properties, is this true? How do you go about buying foreclosed properties? How much money should I set aside? do I need an agent to purchase?
2006-09-05 05:18:55 · 5 answers · asked by mrs understood 1 in Business & Finance ➔ Renting & Real Estate
It depends upon the situation. If the owner lists it for sale between NOD and the sale, you can view it. If it fails to sell at auction, you can view it as an REO.
And yes, it would be an excellent idea to have a good buyer's agent. Among other things, it shows you're serious.
2006-09-05 07:10:31 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Well, I don't know anyone who can say "all" even if they have a lifetime of experience. It is good to assume that repairs will be needed when building your business case for a foreclosure property - that way if fewer (or no) repairs are needed, you can save that money (as profit, hopefully).
The reason you generally cannot enter a house in foreclosure is because the person still owns it. If you knock on the door and ask to come in b/c you heard they were having financial difficulty and you were hoping to get their house, they MAY not let you in.
If the property has been foreclosed upon and the bank acquired it, then chances are they will list it with an agent on the multiple listing service and you can enlist and agent (if you choose) to search for those houses and make an offer the same way you would on any other house on the market.
There are properties that have gone to the REO dept (Real Estate Owned - by Bank) and have not yet been listed. Good luck tracking down someone to speak with who will give you a line on those before they place it with an agent. Some will not as a matter of policy. Others will, but they will be looking for someone who can take a batch of properties from them and move them off their books before they have to pay agent commissions and wade through standard list/review offers/counter/contract/inspect/wait/settle retail property process
2006-09-06 01:57:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not all foreclosures are in need of repairs. Many are.
People get foreclosed on for many reasons. Soon there will be a flood of foreclosures due to adjustable rate mortgages and people being in houses that they shouldn't have bought. That makes them misinformed, not irresponsible. Spouses pass away, people lose jobs, etc.
I bought a foreclosed home last year. My Realtor showed it to me, just like the other homes I looked at. If I had gone to an auction to buy a house I would not have been able to see the inside first.
The house I bought was in need of many repairs, but the location and the purchase price made it worth the investment.
2006-09-05 12:35:24 · answer #3 · answered by Sharingan 6 · 1⤊ 0⤋
All of them are in need of repair.
All homes need maintenance and if someone could not afford to pay the mortgage, why would they maintain the house?
Set aside a lot.
2006-09-05 12:24:44 · answer #4 · answered by wizard8100@sbcglobal.net 5 · 0⤊ 0⤋
Probably not, but if the people weren't responsible enough to maintain their payments, why would you think they would be responsible enough to maintain the house?
2006-09-05 12:24:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋