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Old 05-04-2011, 02:12 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,109,609 times
Reputation: 6378

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Quote:
Originally Posted by DowntownVentura View Post
As far as the purchasing procedures, an REO is pretty straightforward. You do negotiate price and once terms are met, a standard purchase contract is drawn.
After the "standard" purchase agreement is drawn up and accepted by the bank, there will be a "bank addendum" drawn up and presented to the buyer for signatures. Buyers can't alter anything on the bank addendum, it's sort of a do it our way or go home thing.

I've had trashed like you wouldn't believe homes and a new one where even after the bank had foreclosed and the previous owner took her sweet time to move out, she was still mowing the lawns. The home looks almost brand new with nothing missing or broken.
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Old 05-05-2011, 10:50 AM
 
Location: New York
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Thank you all so much for the great information! I really appreciate hearing from people who have done this before.
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Old 05-05-2011, 04:11 PM
 
42 posts, read 72,903 times
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Buying a foreclosed is like buying the regular house. However the property is sold as is and the bank is not interested in fixing anything (maybe something deemed hazardous?). So I recommend that you find a very good inspector to inspect the house before decide to buy. Normally when the bank accepted your offer, you have 2 weeks to reject it. So as soon as the tank accepted your offer, find the inspector right away so that give you time to think over and maybe get an estimate on things that need to be fixed. Good luck
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Old 05-09-2011, 02:11 PM
 
Location: New York
6 posts, read 11,061 times
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Thanks so much!
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