How does the whole process go?
2007-02-28 04:27:41 · 8 answers · asked by NATASHA T 1 in Business & Finance ➔ Renting & Real Estate
It depends on the type of foreclosure. If it is at a foreclosure auction like at the county courthouse, there is no inspection period. Hopefully, you have taken the time to drive by it and see if it looks to be in decent repair. If it is occupied, I wouldn't be walking around it and peeping in windows. You might get surprised by an angry occupant. Remember, until it is actually foreclosed on, you are a trespasser. If it has already been foreclosed on then it depends on the corporate owner how inspections will be conducted. VA foreclosures state that inspections will be done prior to making an offer, and that you are accepting the property in its current present condition. Fannie Mae allows 7 days after an accepted offer to conduct property inspections. The list goes on. Best advice is to contact the corporate owner, or their listing agent (most corporate owned properties are listed with a Realtor), and ask what the guidelines are. Hope that helps!
2007-02-28 04:45:04 · answer #1 · answered by Scott 2 · 0⤊ 0⤋
In most states, bidders are not able to view the inside of a property. But you can view the outside, yard, etc. I would also check with the tenants (if its a rental property) or with the neighbors. It may shed some light on what problems could be present in the property. You may also want to check with the County Clerk or Recorder for any recorded violations against the property.
When you bid on a property you should first check the rules of your state regarding foreclosures. You want to be educated on the process and this is different for each state.
Next, you should really attend some auctions without bidding. I suggest even taking along some "practice properties", figure out what you would bid, see how you do compared to the actual results. This will prepare you for what can be a hectic and nerve racking situation. Plus, attending an auction will provide you with more information on the process than any of us here on the internet.
Good luck, you can do it just research, research, research!!!!!
2007-02-28 16:20:49 · answer #2 · answered by Foreclosure Goddess 2 · 0⤊ 0⤋
At the bid you are normally given a document stating that the property you are bidding on is sold as is. The person holding the auction or bid have no idea as to what the condition of the property is.
The person holding the auction or bid inspects all that want to bid to insure they have the minimum amount to bid. They are not looking for letter's of Credit, bank statements, they are looking for cashier's checks, money orders or plain ole cash. If you do not have the items they are looking for you will not be able to bid on the property.
The highest bidder wins the property, if no one bid enough on the property the lender now gets the property as Real Estate Owned (REO). At this point when all the legal documents are signed and the property is legally in the bank or lenders name the lender normally assign the property to real estate broker to sell on the behalf of of the lender.
Once the bid start and if you make the winning bid you are not allowed to go back and inspect the property. Your money will be taken at the bid and the deal is over.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-28 14:24:28 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
foreclosed homes are sold as is. They generally do not tell you anything. be very careful there are no other liens on the property. Every state is different with the laws regulating foreclosers i would do some research first.
2007-02-28 13:14:45 · answer #4 · answered by zaza c 1 · 0⤊ 0⤋
NO, All foreclosures are sold "as is" and they tell you to do inspections like KitKat says. You need permission to do the inspections before you bid and I would not buy one unless I got it inspected. The lender has no idea of the conditions and neither does the licensee or auctioneer.
Buena Suerte
2007-02-28 12:39:46 · answer #5 · answered by newmexicorealestateforms 6 · 1⤊ 0⤋
Depends on state law on disclosure and the rules of the foreclosure auction. If they say anything about the house (and usually they don't) they are supposed to reveal all. You have to (have it) inspect(ed) before closing.
2007-02-28 12:31:51 · answer #6 · answered by Mike1942f 7 · 1⤊ 0⤋
Visit http://www.foreclosurefreeinfo for a buch of information on the foreclosure market and how it works
2007-02-28 12:59:28 · answer #7 · answered by richard.roger 1 · 0⤊ 0⤋
You can place a bid and then get it inspected and then make your decision.
2007-02-28 12:36:10 · answer #8 · answered by KathyS 7 · 0⤊ 1⤋