Foreclosure in Rochester>Question Details

Sol Battle, Home Buyer in Rochester, NY

how can i buy a foreclosed ?Is it diffcult?

Asked by Sol Battle, Rochester, NY Mon Feb 11, 2013

there is a home on campbell st it costs 7100 if i pay cash for it how long would it take to close

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This question was asked from this property: http://www.trulia.com/foreclosure/3100844557--Campbell-St-Ro…

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Buying a foreclosure property can be very difficult or it can be very simple. There are so many circumstances that can effect the outcome. Make sure you use a reputable Realtor to assist you and guide you through the transaction.
Good luck!
1 vote Thank Flag Link Thu Feb 21, 2013
Because this is a REO (bank owned property) it is available for immediate purchase. If you are paying cash then the closing could happen in as short as two weeks. Most likely this property is listed with a real estate agent. You could place your offer right through them.

Unfortunately it looks like this house is under contract according to HomePath. Here is the information on the property: http://www.homepath.com/listing?listingid=37136677

Of course, I would highly recommend that you pay for a home inspection and make it a contingency in your offer. Since the property is listed for so little, there must be some substantial problems with the property and you want to go into the purchase with your eyes open. Also, check the neighborhood as this has a considerable effect on the value of the property and the potential for resale.
0 votes Thank Flag Link Wed Feb 13, 2013
Sometime it can take months. You just have to be patient.
0 votes Thank Flag Link Tue Feb 12, 2013
I am a very good buyers agent for foreclosures & investment properties. Cash or FHA203k mortgage are the preferred financing methods. I am familiar with Campbell St, and actually manage property there for an out of state owner.

Feel free to call me 585-613-4606. Curt Amesbury http://www.cemproperty.com
0 votes Thank Flag Link Mon Feb 11, 2013
Since most foreclosures do end up being listed by a broker, consider working with an agent of your own. When looking at RealtyTrac ads, keep in mind that some of the information may be inaccurate, nor updated; some of those properties may not be for sale yet, and some may never be if the default is satisfied by the owner....
0 votes Thank Flag Link Mon Feb 11, 2013
There are many pitfalls in buying a Foreclosed house;
one of which is assuming that a house can be bought for $7100!!!

The Banks require you to have a Realtor representing you; you should too.
0 votes Thank Flag Link Mon Feb 11, 2013
Sol, That depends on if the home is even for sale. Trulia and other real estate websites, not directly connected to brokerages like RE/MAX for listings, may not be giving you accurate information as to it's sale status.
As for buying foreclosures, you can get some deals out there. The bank is in control and has a bottom number. I do not see this listed in our local MLS so the bank either has not listed it yet or it has been sold already. Without an exact address I am unable to find it.
Closings can take anywhere from 30-60 days for cash deals, and depending in the bank and situation even longer.
If you are looking to put in some sweat equity and have cash around for a real estate investment then I say go do it. There is a really good return in property if you know what you are doing. If you would like to talk this over, I have some time today. I can best be reached at (585) 236-7780 or email me at BradNewton@Remax.net

Brad Newton
Certified Buyer Representative
RE/MAX Custom
BradNewton@Remax.net
http://www.Brad-Newton.com
585-236-7780
0 votes Thank Flag Link Mon Feb 11, 2013
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