Foreclosure wanted to buy.... (short sales, foreclosures, HOA fees)

[barryhussein]

I'm going to be returning to the USA in October. I plan on buying a foreclosure from some fine lending institution. What I would like is for someone to give me advice on which institutions (banks) will waste my time and not give me a straight, timely response. Countrywide has more than 400 properties in VA, but they are sloppy. Some are listed as SFR, when in fact, they are TH. Many are listed for amounts higher than comps on realtor.com.
I've also looked at Wells Fargo, and IndyCrack err I mean Indymac. I think Citi has a nice chunk of properties in NoVa, also.

Thanks in advance for your responses.

[scimitar12]

Sounds like you probably know more than most people here on the subject. I know we have a couple of realtors who regularly post comments; perhaps they will respond to your query.

[Margery]

Originally Posted by barryhussein

I'm going to be returning to the USA in October. I plan on buying a foreclosure from some fine lending institution. What I would like is for someone to give me advice on which institutions (banks) will waste my time and not give me a straight, timely response. Countrywide has more than 400 properties in VA, but they are sloppy. Some are listed as SFR, when in fact, they are TH. Many are listed for amounts higher than comps on realtor.com.
I've also looked at Wells Fargo, and IndyCrack err I mean Indymac. I think Citi has a nice chunk of properties in NoVa, also.

Thanks in advance for your responses.

Why do you want to buy a foreclosure? They're often in very bad shape. And I take it you want this information and advice for free, without going through a Realtor? Free advice is worth exactly what you pay for it.

[lindsayd]

In dealing with Foreclosures, I've had problems with every single Countrywide foreclosure. Not only is their response time awful, they screwed up my clients' financing, didn't close on-time, and misquoted closing figures. Such a bad experience.

Wells Fargo was OK to deal with. Just be aware, purchasing a foreclosure and/or short sales are not for those who can't handle unexpected and last minute problems.

Also regarding them being listed higher than comps, you can always put an offer in lower than the asking price. Depending on how desperate they are to get it off the books, they just might come close to what you'd like for it.

[barryhussein]

Originally Posted by Margery

Why do you want to buy a foreclosure? They're often in very bad shape. And I take it you want this information and advice for free, without going through a Realtor? Free advice is worth exactly what you pay for it.

Margery,

Most of the foreclosures I've seen ARE listed by Realtors, so eventually someone will earn their commission. IMHO, the average Realtor has sold less than one house this year, so not only are they working for free--THEY ARE PAYING TO WORK. I think I asked a straightforward question, and as the above poster shows--there are straightforward answers. I was kind of under the impression that this whole site is about free advice/opinions. Did I miss something?

Furthermore, there are Realtors out there, who have helped people get in deeper than the Marianas Trench (even homes with fancy countertops in "prestigious" zip codes). I'm trying to do my own footwork, and have access to the same data they do. Instead of driving around and having someone try to talk me in to going with "their" loan broker (I've got cash), or buying a home they are getting a bonus on, or being convinced to buy a manufactured home; I will narrow the choices myself and then call a Realtor. Preferably one, who will not make me vomit with cheap perfume and has managed to keep her weight under 70 Kilograms.

[jhrichmond]

Originally Posted by barryhussein

Margery,

Most of the foreclosures I've seen ARE listed by Realtors, so eventually someone will earn their commission. IMHO, the average Realtor has sold less than one house this year, so not only are they working for free--THEY ARE PAYING TO WORK. I think I asked a straightforward question, and as the above poster shows--there are straightforward answers. I was kind of under the impression that this whole site is about free advice/opinions. Did I miss something?

Furthermore, there are Realtors out there, who have helped people get in deeper than the Marianas Trench (even homes with fancy countertops in "prestigious" zip codes). I'm trying to do my own footwork, and have access to the same data they do. Instead of driving around and having someone try to talk me in to going with "their" loan broker (I've got cash), or buying a home they are getting a bonus on, or being convinced to buy a manufactured home; I will narrow the choices myself and then call a Realtor. Preferably one, who will not make me vomit with cheap perfume and has managed to keep her weight under 70 Kilograms.

You sound like a real joy to work with. Good luck getting responses from the people you are throwing insults at!

[barryhussein]

I think NoVa Realtors would do a lot more than just drool for a cash customer in this market.

[lindsayd]

Not all Realtors are THAT bad...I sell mostly in the city and the market here is doing quite well And I don't wear perfume and have managed to keep my nice figure thank you very much!

[Margery]

Originally Posted by barryhussein

I think NoVa Realtors would do a lot more than just drool for a cash customer in this market.

Like attracts like. You will find a drooling Realtor with the same outlook. I only drool for Tom Selleck (and my husband).

[juankim]

Looks like you've done some homework on this subject. I recently bought a foreclosure home in Bristow area and here are my thoughts:

- countrywide and indymac both took their sweet time in responding
- indymac's addendum was several pages of legal mumbo jumbo... very daunting... would advise having a legal counsel assist deciphering it
- wells fargo was more responsive than countrywide/indymac... on the avg took 3 - 4 days to respond
- highly recommend being very anal about the closing process... the bank did not pay the hoa fees for several months and did not provide hoa resale package until after the closing.... the closing attorney held the funds until it came to settle the hoa account

Best wishes.