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Old 06-12-2011, 07:14 AM
 
28 posts, read 40,759 times
Reputation: 19

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What does the foreclosed home buying process look like?
How long does it take?
What are the main frustrations?
Are you seeing traditional sales priced as well as foreclosures with all the competition folks speak of here?
If not, logic tells me you'd be foolish not to wait and somehow secure one of the foreclosures.
Any comments?
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Old 06-12-2011, 08:30 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,686,451 times
Reputation: 3809
I just made the following post which describes the difference in buying short sales, REO's, and regular sales.

It should answer most of your other questions.

http://www.city-data.com/forum/19553945-post49.html

Yes, traditional sales are also receiving multiple offers.
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Old 06-12-2011, 09:06 AM
 
4,728 posts, read 4,851,989 times
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My home in AZ was a foreclosed home. It was listed with a Read Estate agency. I purchased home just like anyone else. Except the owner was Fannie Mae. I purchased at asking price. This same home was previously offered at a short sale for $40,000 more just a few months earlier. I offered more than I paid when it was in the short sale mode. Offer was declined. So I offered more originally but purchased for much less. House was new but did have a first buyer who defaulted from day one. I basically purchased a "new" home on a golf course for 1/2 the original selling price. But and a big but here. The prices have gone down still. But there are no "new condition" homes left in my development. Money wise, I could not get my money back. But probably close.

The link above is an excellent explanation.
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Old 06-13-2011, 06:48 AM
 
28 posts, read 40,759 times
Reputation: 19
Thanks for that advice!
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Old 06-14-2011, 04:51 PM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,172,990 times
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Don't expect to pay anywhere close to the asking price. I had one go from $74,000 to $91,000 last week.
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Old 06-14-2011, 08:32 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
422 posts, read 803,458 times
Reputation: 209
Quote:
Originally Posted by Boompa View Post
Don't expect to pay anywhere close to the asking price. I had one go from $74,000 to $91,000 last week.
Wait until this November-December to buy and I think the prices will come off that high number. I don't think you'll see the 74K but it won't 91K either.
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Old 06-15-2011, 06:06 AM
 
Location: Chicago
98 posts, read 175,951 times
Reputation: 70
I bought one that last sold in '06 for 265K for 95K now.
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Old 06-15-2011, 12:56 PM
 
72 posts, read 116,636 times
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Quote:
Originally Posted by dacubz View Post
I bought one that last sold in '06 for 265K for 95K now.
Mine was sold in '06 for 280K and I paid 90K last month.
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Old 06-15-2011, 03:34 PM
 
2,320 posts, read 5,876,413 times
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Apparently, selling by short sale gives you the same bad credit rating as being foreclosed; if this info gets to be common knowledge short sales will vanish. Most people think if they can sell by short sale their credit will not be affected.
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Old 06-15-2011, 05:46 PM
 
Location: Southeast Valley
1,122 posts, read 2,501,476 times
Reputation: 778
Quote:
Originally Posted by roosevelt View Post
Apparently, selling by short sale gives you the same bad credit rating as being foreclosed; if this info gets to be common knowledge short sales will vanish. Most people think if they can sell by short sale their credit will not be affected.
If you've missed payments, your credit will be affected. An advantage to doing a short-sale as opposed to letting it foreclose, is that you may be able to purchase a home again sooner.
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