Home Buying in Concord>Question Details

Brooke, Home Buyer in Cambridge, MA

I am looking into a foreclosure property. Which questions should I ask the bank?

Asked by Brooke, Cambridge, MA Thu Oct 29, 2009

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Answers

5
1 How low can I buy this property at.
2 Will you provide owners title insurance --a good policy not one with 2 pages of exclusions
3 How long do I have to close

The rest is up to you and your agent to figure out!
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Oct 29, 2009
The bank will tell you that they did not live in the house and have no info on proerty upkeep. Only public record of property info. Work with a Buyers Agent and let them do the leg work to get the info --- there is no charge to you for their service.

If I can help, please give me a call.

AMS Real Estate 774-264-9117
0 votes Thank Flag Link Thu Oct 29, 2009
As Thomas said, do you inspections.
Also, check at the city for any known city code violations or city inspection report.
I have been told that Insurance companies might have information about claims done to a property, this could be a good source of information.

But before you star looking into properties is important to be pre approved , if you are not a cash buyer.
The reason many of us, if not every Realtor, will keep talking about been pre approved is because buyers need to know how much do they qualify for and what kind of mortgage will fit their needs and expectations.
As well as down payment and closing costs involved on buying a property.
0 votes Thank Flag Link Thu Oct 29, 2009
Hey, Brooke. Congratulations on your decision to buy. With congress looking to extend the tax credit and interest rates still low through government subsidies, plus bargains galore, this is certainly the time to act and buy.

A few pointers:

1) Visit http://www.CDPE.com and choose a Certified Distressed Property Expert in your area to help guide you through the process of buying distressed and repossessed properties. The ins and outs of these types of purchases will require expert knowledge and you are likely to find the best qualified answers among this group.

2) Under the guidance of a qualified CDPE agent, select an attorney to represent you and to help you interpret the documents you will be required to sign in order to buy a foreclosed home. The sellers of these properties are typically lenders who will ask you to sign disclosures and addenda not typical to 'regular' sales. Unless you or your Realtor are an experienced real estate attorney, one should be hired to interpret and review these documents for you.

3) There are no typical questions you can ask a bank. As previously stated, since they never lived and often not even inspected the property, the burden of KNOWING what you're getting into is yours and will be made only yours by virtue of the documents you will need to sign (after your attorney reviews them for you). Let me add that these documents contain "take it or leave it" language. If you don't agree with anything in the documents, your offer will not be accepted or even considered or countered. You will still need to know what you're getting into.

4) Work closely with qualified inspectors (typically part of a good Realtor team), who can guide you through what is needed to make your foreclosed home pass inspections.

5) You may need to be familiar with FHA203k loan if the property needs repairs you would rather finance with your purchase. Hire a qualified "direct lender" after interviewing several.

Remember: Luck is When Preparation Meets Opportunity (Mark Twain)
0 votes Thank Flag Link Thu Oct 29, 2009
THe bank has not lived in any of these Flroida foreclsoures. Its a matter of doing your own home inspections to make sure you are full informed about the condition of the home you would like to purchase.
0 votes Thank Flag Link Thu Oct 29, 2009
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