Comments on: How do you buy forclosed homes and what are all the potential fees? http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees Sun, 05 Feb 2012 12:23:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: KYRealEstateGuy http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees/comment-page-1#comment-1741 KYRealEstateGuy Wed, 30 Dec 2009 07:05:59 +0000 http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees#comment-1741 If you want to buy a foreclosure at auction it is done at the county level around me. The terms vary from place to place. SOme places require cash at the time of purchase, others are less strict.<br><b>References : </b><br> If you want to buy a foreclosure at auction it is done at the county level around me. The terms vary from place to place. SOme places require cash at the time of purchase, others are less strict.
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]]> By: theshadow01 http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees/comment-page-1#comment-1740 theshadow01 Wed, 30 Dec 2009 06:35:59 +0000 http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees#comment-1740 We bought a foreclosed home last year. We found it in the MLS, just like any other house. Our Realtor showed it to us. And several others that were also foreclosures. There were no additional fees, but there was some extra paperwork to sign (mostly releasing the bank from any liability). We had to wait 6 weeks for a closing on a cash offer after our bid was accepted by the bank. The house was vacant for 2 years, and had not been well maintained prior to that. Once we had the power turned on the furnace, fridge, and hot water heater did not work. There were some plumbing issues as well. All that aside, we still paid less than half of the market value of this house. We are almost done with the renovations (we have done everything ourselves), and it is finally starting to feel like home. My advice to you would be to call a Realtor. There are some who specialize in foreclosed properties. If I am not mistaken GMAC is one company that does.<br><b>References : </b><br> We bought a foreclosed home last year. We found it in the MLS, just like any other house. Our Realtor showed it to us. And several others that were also foreclosures. There were no additional fees, but there was some extra paperwork to sign (mostly releasing the bank from any liability).

We had to wait 6 weeks for a closing on a cash offer after our bid was accepted by the bank.

The house was vacant for 2 years, and had not been well maintained prior to that. Once we had the power turned on the furnace, fridge, and hot water heater did not work. There were some plumbing issues as well.

All that aside, we still paid less than half of the market value of this house. We are almost done with the renovations (we have done everything ourselves), and it is finally starting to feel like home.

My advice to you would be to call a Realtor. There are some who specialize in foreclosed properties. If I am not mistaken GMAC is one company that does.
References :

]]> By: Georgia http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees/comment-page-1#comment-1739 Georgia Wed, 30 Dec 2009 06:03:59 +0000 http://www.soswrap.org/homes/how-do-you-buy-forclosed-homes-and-what-are-all-the-potential-fees#comment-1739 I bought a foreclosed home from the state last year. Fees, closing costs and things like that will vary state to state. Check out the link below. It has lots of info and you can choose by state.<br><b>References : </b><br>www.hud.gov I bought a foreclosed home from the state last year. Fees, closing costs and things like that will vary state to state. Check out the link below. It has lots of info and you can choose by state.
References :
http://www.hud.gov

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