Buying a house (bank owned, short sales, foreclosures)

[Drson81]

It is supposed to be a buyers market. Me and my wife are getting frustrated. I feel like banks are playing us. 1st went to look at a townhouse 40k under tax value, we loved it so gave them there asking price.. 3 days later they tell us they decided to put it on auction... Now we are dealing with another town home where the bank made me a counter offer I took it and I have not heard from them . Then finally my realitor calls me and says he found out there taking other offers now.. I was the first to put a offer on this house by the way.. Can anyone give me and helpfull ideas? Never thought it would be this hard to get a house. this is the 9th one by the way something like this has happened.. Seems investors are buying everything up.

[hammester]

Sounds like you are going after distressed homes and bank owned properties so this is to be expected. When the bank is the seller expect long delays and a lot of hassles.

[MikeJaquish]

Your situation is not unusual.

Banks have no enforced ethical guidelines to consider, and very few legal guidelines as to how they treat consumers as they divest themselves of housing stock.

Playing in their sandbox is like playing in one the cats have used as a litterbox.
Not for the faint of heart.

[VickiR]

Originally Posted by hammester

Sounds like you are going after distressed homes and bank owned properties so this is to be expected. When the bank is the seller expect long delays and a lot of hassles.

Wow...you are so right!

Short sales are taking longer and longer to close.

Foreclosures seem to be less hassle.

I am seeing Realtors list homes for a very low price and then accept multiple bids. Just because you are the first to send in an offer doesn't mean that the seller will jump to negotiate with you. Even if you are in VERBAL negotiations and another offer comes in, the seller can drop you like a hot potato!

Vicki

[bdavis511]

Our realtor told us to EXPECT this type of situation with ANY short sale or foreclosure. She said if you're a serious buyer and you want something to move into, don't get your heart set on any of those properties b/c the bank WILL hassle you, string you along, take other offers, etc etc. I haven't even looked at any homes like that b/c of that potential. House hunting is stressful enough w/out that added drama!
Good luck, but if I were you, I'd look at regular listings as well...

[adlnc07]

Friends of mine had similar problems buying a bank owned property. They both say that even though they eventually closed, they would never go that route again! I find dealing with regular sellers hard enough (at times) so I know I'll never take on the headache of a bank bureaucracy!

Good luck!

[jskirwin]

Any particular reason you are messing around with distressed properties? It's hard enough buying "normal" properties - let alone ones you can't inspect or research. In effect you are gambling that the property you are getting is worth the price you are paying - and like any gamble the "house" always win in the long run.

[DanielleNC]

My boyfriend bought a short sale and we were strung along for four months. It was very frustrating, but worth it in the end. We will never try to get a short sale again though.

Originally Posted by jskirwin

Any particular reason you are messing around with distressed properties? It's hard enough buying "normal" properties - let alone ones you can't inspect or research. In effect you are gambling that the property you are getting is worth the price you are paying - and like any gamble the "house" always win in the long run.

You can get short sales inspected. We certainly did.

[Drson81]

Originally Posted by jskirwin

Any particular reason you are messing around with distressed properties? It's hard enough buying "normal" properties - let alone ones you can't inspect or research. In effect you are gambling that the property you are getting is worth the price you are paying - and like any gamble the "house" always win in the long run.

I want to find something that needs some work. With connections I have made through the years I can get the supplies and work done for next to nothing.. Here is a example.

The town house were looking at is over 1,700sqft.3 story 3 bed 2.5 bath.
Needs appliances, flooring,paint and some other odds and ends.. Before we went and looked at the place the bank said it needs about 20k worth of work.

If this thing ever goes through I'll be adding
hardwoods throughout the house
Multi piece crown molding
Granite in the kitchen and bathrooms, full baths will get granite shower enclosure
Master bath will also get a ultra air tub & heated flooring
Recessed lighting in the kitchen
Travertine tile in bathrooms
Gerber viper tolilets
Rohl plumbing fixtures
Samsung appliances in SS

All this is going to cost me under 10 grand

The property is bank owned I'm just mad they countered my offer then I met there demands and haven't got a call yet.