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Old 09-20-2009, 08:17 PM
 
30 posts, read 125,691 times
Reputation: 62

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Hi:

I saw a few ads in a bank for houses that are for sale as is.

How do I go about buying a house from a bank ?

I do NOT need financing or a mortgage.

Do you have the names and positions of REPUTABLE real estate related people to help me ?

Thanks,
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Old 09-21-2009, 04:10 AM
 
Location: Ashland
85 posts, read 184,657 times
Reputation: 57
First thing I would do is check with the town the home is in for the tax assessed value. They will also be able to tell you if any RE taxes are due, proprety, sewer ect. Then I would call the bank and speak with the person in charge of the property or recovery person for a tour of the property. Be sure to find out what kind of deed they will be issuing at closing. If it would be a Quitclaim Deed, be absoultely sure the deed is clear, if a Warantee Deed will be issued, you should be ok.
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Old 09-21-2009, 11:11 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,224,330 times
Reputation: 225
Quote:
Originally Posted by eagleyeski View Post
Hi:

I saw a few ads in a bank for houses that are for sale as is.

How do I go about buying a house from a bank ?

I do NOT need financing or a mortgage.

Do you have the names and positions of REPUTABLE real estate related people to help me ?

Thanks,
When the banks sell homes they turn them over to local real estate agents that essentially are designated property agents/managers for those banks. You can usually find these agents names listed on the REO websites. That said, I don't know why you would bring another agent into the picture. I'd be cutting my deal with the existing agent and don't fall for the line that you can't make a lower offer than the listed price. Usually those list prices reflect a built in premium to handle the lowball offers.

Example, two homes I recently followed. Short sales listed for 140k sold for 105k. Foreclosure in excellent condition listed for 499k sold for 440k.

Last edited by 7th generation; 09-21-2009 at 06:20 PM.. Reason: personal blogs are not allowed.
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Old 09-21-2009, 02:08 PM
 
30 posts, read 125,691 times
Reputation: 62
Default Thank you

Thanks so much for all the detailed info you kindly provided me.
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Old 09-21-2009, 04:11 PM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,224,330 times
Reputation: 225
Quote:
Originally Posted by eagleyeski View Post
Thanks so much for all the detailed info you kindly provided me.
You're welcome. I've been adding bits and pieces to that for several years now.

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