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Posted: 11/2/2009 9:42:44 AM EDT
[#1]
No expirience in this, but I might be worried the old owners would come back to start trouble
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Posted: 11/2/2009 9:54:59 AM EDT
[#2]
Pay for a professional apprasior and be there when they do it, and be sure all the utilities are turned on prior
be sure they know they are gonna be on the roof, in the attic, under the house and in the damn septic system if that what it takes, to get full inspecition be sure to check the toilets, shower drains, kitchen sinks, disposals and diswasher drains, garage drains, bathroom drains for CONCRETE or LYE look for suprises left in closets and access points have the roof checked by a PRO roofer as well with an estimate for damage repair... be sure Lot lines are cleary marked and fences are where they are supposed to be be sure the neighborhood is somewhere you want to be for 5 10 20 years..bring a few meals and a bottle to piss in, be there saturday morning and sunday afternoon, and after school and after work a few days,,be sure it is what you want.. the sale is generally as is where is so be sure you have full knowledge of everything before you agree to buy,, BUY A H.O.W,,,and use it..instal new locks the day you close CHEF (have bought 5 such houses) |
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Posted: 11/2/2009 9:55:03 AM EDT
[#3]
Just get a world-class pre-purchase inspection. I don't mean the one your bank performs - I mean one of your own.
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Posted: 11/2/2009 9:56:15 AM EDT
[#4]
Helped buddy do rehab and repairs on a home he bought for his family.
Appraised at $310,000 Purchased for $200,000 Put $80,000 back into it. The $80K inlcuded contractor's work, material only on work that he and I did Required new flooring in the entire first floor Required new furnace, H2O heater, ducts, pipes - former owner broke in after getting pushed and took sledge to furnace and H2O heater Required new paint with some drywall repair - sledge hammer damage. Some walls just needed new paint window treatments long list Get a look at the house on the inside and take someone knowledgable in repairs and what they will cost Also get the place secured as soon as possible As k questions on the process - some foreclosures/short sales take longer becasue of the bank |
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Posted: 11/2/2009 9:58:05 AM EDT
[#5]
Get a FULL title report.
Tax liens, bank liens, judgment liens, the whole nine yards. You do NOT want to be surprised. |
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Posted: 11/2/2009 10:07:43 AM EDT
[#6]
Not exactly the same thing, but I attempted to buy a short sale earlier this year and my general observation is that banks are a pain in the ass to deal with. Ended up wasting a few hundred on an inspection to be strung on for several months (in which rates went up .50 %) only to have the deal the seller's realtor insisted he'd already negotiated with the bank turned down by them. A private seller has much more invested in the deal and as such, will give you as the buyer much more attention. To a bank, you are just another number for yet another property they have on the books.
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Posted: 11/2/2009 10:14:42 AM EDT
[#7]
Buy an owner's policy of title insurance (also called a fee policy).
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Posted: 11/2/2009 10:16:26 AM EDT
[#8]
Are you getting title insurance?
If not, why not? |
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Posted: 11/2/2009 10:26:14 AM EDT
[#9]
Just be careful of the pit, you might fall in it.
 Seriously, some houses can be money pits. |
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Posted: 11/2/2009 10:27:59 AM EDT
[#10]
i would make sure there's no dead bodies hidden in the walls.
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Posted: 11/2/2009 10:29:55 AM EDT
[#11]
Those things are fucking mess. Most real estate transactions in my area are done on a flat fee, I'll only do these hourly from now on, and if someone doesn't like it they can go somewhere else.
You'd be an idiot not to get a fee policy, however the ones I have seen mostly the bank will only provide a fee policy and will not provide an abstract. This is not a good thing. |
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Posted: 11/2/2009 10:37:47 AM EDT
[#12]
Quoted:
Get a FULL title report. Tax liens, bank liens, judgment liens, the whole nine yards. You do NOT want to be surprised. definetly this, a friend of mine got stung on one of these deals (10k second morgage) |
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Posted: 11/2/2009 10:40:48 AM EDT
[#13]
I am taking it all in, keep er comin fellas :) i am at the very beginning of being interested in one so i am doing a ton of reading and learning... we are going to do a walk through tomorrow night
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Posted: 11/2/2009 10:44:57 AM EDT
[#14]
My wife is a Realtor and has done a number of short sales now. The Bank will be the biggest pain in the ass. Plan on calling them daily to keep them moving. |
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Posted: 11/2/2009 10:48:57 AM EDT
[#15]
Expect to completely redo everything, and beware of Chinese drywall syndrome (black mold).
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Posted: 11/2/2009 10:50:15 AM EDT
[#16]
Quoted:
Get a FULL title report. Tax liens, bank liens, judgment liens, the whole nine yards. You do NOT want to be surprised. This! |
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Posted: 11/2/2009 10:52:09 AM EDT
[#17]
I have bought at least 30 in my time... They are sold as is where is.... Do your homework on the property ie: knowing if permits have been pulled is a great start. Know what default amount was... make sure the you understand that banks move at there speed and you may have to be patient...
Good luck |
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Posted: 11/2/2009 10:52:29 AM EDT
[#18]
Figure out what insurance and utilities might cost you. Insurance companies charge a lot more for houses that are unoccupied –– they're afraid it'll get squatters or that you'll torch it because it's a pain.
Does it have a HOA? Are there any special assessments coming up? It really sucks to have an extra monthly payment or to suddenly have a big bill come due that you didn't plan for. Does the HOA have restrictions on renting it? On how you can go about repairing? Do they forbid "for sale" signs? Are there any hazmat issues? In my state, if a house has been a meth lab, you're required to have a licensed meth lab remediation contractor clean it and sign off. For some time, there were NO licensed meth lab remediation contractors, so you'd be screwed. |
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Posted: 11/2/2009 10:56:06 AM EDT
[#19]
I just bought a foreclosure in July.
It was way above average condition compared to the many others we looked at. (virtually move in ready) 5 year old house. Normally it's going to be "as is". Get at least a 1 year home warranty including the roof. |
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Posted: 11/2/2009 10:56:59 AM EDT
[#20]
Quoted: Get a FULL title report. Tax liens, bank liens, judgment liens, the whole nine yards. You do NOT want to be surprised. You won't get financed without a title insurance policy. That's what Title Companies do. They insure clear title. Additionally, I would check the tax appraisal to see that it's in line with the hired appraiser's figures. You don't want to be assessed 200k on a house that will only bring 100k on the market. Everything dropped last year....make sure the tax assesment did too, to reflect the lower market prices. I'd want the minerals under the lot too. I bought a foreclosure a couple of years ago. Got a great deal. Just don't get too anxious....do your due dilligence. Spending time in the neighborhood is a neccessity. I parked in several places around the neighborhood and just watched what was going on. I spent a few days and nights doing this for a few hours at a time. Be sure you want the house....and watch out for HOA's. Grumpy old fuckers want to tell you how to live. You can get pre-approved for $ X amount of mortgage lending and then shop in your price bracket. Be sure and get a FIXED Rate mortgage!! Juice is fixin' to go WAY up....think 19 - 24% interest rates. Good luck!! |
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Posted: 11/2/2009 11:04:28 AM EDT
[#21]
Where do you find out about these things?
Is there a website I can go to to search for forclosures in my area??? |
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Posted: 11/2/2009 11:25:46 AM EDT
[#22]
Quoted:
Quoted:
Get a FULL title report. Tax liens, bank liens, judgment liens, the whole nine yards. You do NOT want to be surprised. definetly this, a friend of mine got stung on one of these deals (10k second morgage) A second mortgage should be void if the proper steps were taken on the first. If you don't get a title report or fee policy you won't know diddly. It would be entirely possible here in ne that yu could purchase a foreclosure of the second and still have the first lien holder out there. Posted Via AR15.Com Mobile |
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Posted: 11/2/2009 11:31:36 AM EDT
[#23]
Many people sabotage it since they cant have it, no one can. super leftard lesbian couple next door poured concrete down all their drains before they left and smashed out support walls.
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Posted: 11/2/2009 11:37:40 AM EDT
[#24]
Quoted:
Where do you find out about these things? Is there a website I can go to to search for forclosures in my area??? There are websites, but by te time it gets there it is too late. Read about them in the legal section of the paper. Buy them at the sheriffs or trustee auction, and you get the best deals. Posted Via AR15.Com Mobile |
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Posted: 11/2/2009 11:42:26 AM EDT
[#25]
You will not get the same kind of title that you would in most transactions. I would check into getting a title insurance policy before the auction. These things usually go OK, but I have heard of some crazy shit when courts get involved.
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Posted: 11/2/2009 11:44:08 AM EDT
[#26]
tag
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Posted: 11/2/2009 11:44:46 AM EDT
[#27]
Quoted:
Expect to completely redo everything, and beware of Chinese drywall syndrome (black mold). Chinese Drywall is sulfur contaminated, not mold. The sulfur is release and eats away at all sorts of things, like plumbing, electrical connections, phone lines, a;ong with being a general irritant to people when they breath it in. I have don e many over 20+ years, but business has picked up lately. The banks have a bottom line that is based on PMI and how much they stand to eat when the deal is done. In typical bank fashion they want to make sure no individual is held responsible for the loss, so they have all sorts of internal committees. You also need to find out who actually owns the debt. The bank may just be handling the sale for Freddie, Fannie, or another not holder. The note holder has the final say. |
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Posted: 11/2/2009 11:49:27 AM EDT
[#28]
Are you talking about buying a house that the bank foreclosed on and already owns, or are you talking about buying a property that is in foreclosure and is being sold at the sheriff's sale?
If its bank owned, then its just like buying a regular house, you go through a realtor, get inspections, etc. If its at a sheriff's sale, its a whole different story. In Ohio, you have to put down 10% on the day of the auction if you win, then you have 30 days to get your financing. Generally speaking, you dont have access to the house at all, unless you break in or know someone who will let you in. Sometimes the owners will still be living in the house and you might have to evict them. Really without answering my first question, its impossible to give you any good advice. |
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Posted: 11/2/2009 11:53:23 AM EDT
[#29]
Quoted:
Where do you find out about these things? Is there a website I can go to to search for forclosures in my area??? not sure how its done in texas, but in Ohio, all foreclosures are sold at sheriff's sales. To get a list of properties you just go online to your county sheriff's website and look for "civil sales" For example, Here is a link to the Franklin County sheriff website, which is for columbus ohio. If you go there and look on the left side of the page, you will see a link for "civil real estate sales" Click on that and you can search all the houses that are going to be sold. Obviously the rules are different in every state, but maybe its similar in Texas. I am not sure though. |
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Posted: 11/2/2009 11:55:42 AM EDT
[#30]
Everyone else has posted all of the great advice. I only have one anecdote to add... hopefully to make you laugh. I bought a large foreclosed house in 2001. Followed all the advice (I thought) but was not prepared for this little glorious surprise on my second night sleeping there: septic system backed up and toilet overflowed. There I was standing there watching it speechless, as massive volumes of sewage went BACKWARD and filled the bathroom then seeped out over the bathroom threshold and into the CARPETED next room (the living room / den). I kept shouting at the two cats to run away and hide so the seeping wouldn't get them too but hearing my voice made them run toward me instead of away (the little LEOs they are) so then I was slipping and sliding on the nastiness while trying to pick up both cats... Oh it was a glorious scene! And that was what led me to replacing the entire toilet and also buying the longest toilet-snake I had ever seen.
(I have no regrets - it was an awesome memory and everything turned out fine. Plus I sold that home several years ago.) |
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