Foreclosure in Broomall>Question Details

Hector, Home Buyer in Broomall, PA

How can I start buying a house listed as foreclosure?

Asked by Hector, Broomall, PA Wed Dec 30, 2009

Help the community by answering this question:


There always reasons to have a buyers agent representing you, but with foreclosures it is more than important than any other transaction. When buying a foreclosure you can get a great deal but there are more risks than other transactions. You are buying the property in as is condition and when the prior owner defaulted on the mortgage they also stopped maintaning the property which will effect vaule. You also want to insure your evaluating the property correctly so that value is strong in the current market. Think as through the process and not only as a buyer but as a seller (thinking what would need to be done to sell and how long it might take to sell).

When dealing with banks they will try to get the most dollars in the shortest amount of time. So sometimes they lower the value to a point that multiple offers will be submited creating a over list bid.

Good Luck

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Thu Dec 31, 2009
Hi Hector, All good info there below. I would only suggest that the disclosure requirements for bank owned properties are few and none. More about that later.

If you contact a great agent you can get the bank to respond in a rather quick fashion to your offer. How? Your agent will help you find the sweet spot price. Banks rarely respond to low ball offers with any kind of urgency.

Now, about those limited disclosures....Absolutely, without question, always, every time get a professional certified home inspection!!! No Matter What!

0 votes Thank Flag Link Wed Dec 30, 2009
Hello, Hector. Buying a foreclosure property, in many ways( procedure-wise) , is like purchasing any property. The buyer agent will prepare a standard agreement of sale. Ther are addenda that will be attached, or language right in the agreement that refer to the fact that the property is a forclosure property. Since the property is now bank owned, the bank, not the owners, is the "seller". The timeframe for the bank to respond to your offer can be much, much longer than if it was being presented to the "owner" who are being forclosed on. It can take weeks, even months, instead of the usual 24-48 hours. If you would like to discuss this further, feel free to contact me. 610-574-6203. My office is in Bryn Mawr, and Delaware County and the surrounding areas are my areas of expertise. Check out my website at www.
0 votes Thank Flag Link Wed Dec 30, 2009
The most aclamaided answer is:
Hire a Realtor - Contact a Realtor. If you already like the property in pictures and price wise, visit it.
Make sure the home is really a Foreclosure / REO / Bank Owned. Be aware that Multiple Offers ( a lot or many buyers will make offers at the same time) is always possible. The recommendation is to make your best and higher offer.
If paying Cash, great, but contact the City to check on work orders or Vacant Building issues. City Inspections as well. If financing, check with Mortgage Consultant about your Financing buying a Foreclosure Property in certain conditions.

Good Luck!

0 votes Thank Flag Link Wed Dec 30, 2009
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