Point being: If you are looking to buy a foreclosure you need a Broker who knows what they are doing and not just posting on this site to get leads. You will also need a lot of patience. If you want a good deal in this Austin market, you will have to be really patient.. One last thing from an expierenced Investor/Broker.. If you are not paying with cash, you may have a hard time being approved for a home that is in bad condition. Most, if not all Mortgage Banks require the home to have the flooring at 75% completetion or the underwriter will see the appraisal and reject your Mortgage approval at the last minute. Then you have just wasted your time and money. Same goes with the rest of the home. If your Lender thinks the house is falling apart or is in fair condition, they will not loan you the money, bc the home is their collateral.. Best of Luck
Call if you want some more reasons:)
512 799 6623
It sounds like you don't have a Buyers Agent to help you with this purchase, since your posting in this forum. I strongly suggest you have your own Buyers Agent to help you with this purchase. The listing Agent works for the seller only. In this case its the bank, which means its their job to get as much money as possible for the bank. Your buyers agent will help you to get the best possible price. One way they will do this is to give you comparables of recently sold similar homes in that neighborhood. This way you can compare the price per square foot to see if it is priced right. Sometimes banks list homes for a reasonable price per square foot and sometimes they are seriously overpriced. Your Buyers Agent will help you to know the difference. This will help you to pay the right price and not the "sticker-price". I wish you luck and would be happy to assist you if you don't already have a Buyers Agent.
Betina Foreman, Realtor-C.N.E.
Austin Home Girls Realty
Joe Jarusinsky, REALTOR, Keller Williams Realty, Ranked #1 by Buyers and Sellers!! (JD Power and Associates 2012), 512-261-4415
There is no way to hurry one of them so sit back and enjoy the ride. The home will come on the market when FNMA decides it's time and it doesn't appear they've reached that point just yet.
If there were title issues it is doubtful they would've requested the 2nd BPO. And if there was a sufficient time between BPO 1 and 2 (30 or more days) they would request a 2nd BPO prior to listing. So it sounds like it will be hitting the market soon.
Is the listing agent aware of your interest in the property? And are you working with a buyers agent? In most MLS systems an agent can set up an auto email for a specific property which will notify them (and their buyer) when a property hits MLS. They can receive an email in as little as a couple of hours of the home hitting MLS.
Sounds like it is getting close, but you never know. Sometimes there are title issues, or other issues and the listing agent will likely never know this until FM says they're ready.
Since it is a government entity or quasi government, they have to follow their rules about listings and offers, so unfortunately you can't try to snag it before it comes on the market.