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Veronica War…, Home Buyer in Central Meadowbrook,...

Is it difficult to buy a foreclosed house by Bank of America instead of Wells Fargo? What is the criteria for buying a foreclosed homeand how long?

Asked by Veronica Warrior, Central Meadowbrook, Fort Worth, TX Sun Feb 27, 2011

does it take?

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Youranswer’s answer
All cash full asking price and here we are over a month later. Not only were the bofa reps rude in emails but they also demanded a 10-day close which we were more than happy with but then they could not meet that deadline... There were certain situations where they took issue with punctuation in the RE documents and also had issues with signatures being legible. It's like when did they start dictating signature styles? I hate feeling like I'm begging for a business to take my money, what a joke. All in all we got a killer deal on this investment property and It'll be worth the wait. I think next time we make an offer on a BofA owned property we may punatively reduce our bid $500 bucks for all of the rediculousness they create in these transactions. Also, we had an option to choose an escrow office to handle the deal but we let the bank decide. You may want to suggest one in your dealings with BofA as the office they chose for this deal has been completely unorganized and laggy. Thats my 2 cents :-)
0 votes Thank Flag Link Thu Dec 8, 2011
We are in the process of buying a bank owned home from Bank of America in the Albuquerque area, and it has turned out to be extremely difficult. Evidently Bank of America turned the handling of this over to a company called Safeguard nationwide. We have all our financing in place and were supposed to close on March 25, but as of March 23rd, Safeguard has failed to meet with the utility companies to get them turned on so we can do inspections. Safeguard stood the utility companies up on 3 occasions that we know of and according to the realtor for Bank of America, they have supposedly stood them up many more times. If we don't get this resolved soon, I will be forced to put my furniture in storage until closing, as I'm out of my current house on April 1st. This will cause a double expense from the moving company. The realtor claims that she has done everything she can. There is no way to call Bank of America or call Safeguard to try to get this moving. It is extremely frustrating and unprofessional of Bank of America and Safeguard to not handle this better!!!
0 votes Thank Flag Link Sat Mar 22, 2014
Hello Veronica,

I understand this posting was put up over 5 months ago however you never know right. Have you managed to take advantage of one of many foreclosures in the dfw area. I would love to hear your success story.

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0 votes Thank Flag Link Fri Aug 9, 2013
We offered a cash buyout on a foreclosed home in April and the offer was accepted May 3, 2013. At first they wanted a 10 day close which was fine with us. Then they said they didn't have all of the paperwork done so we would close no later than June 7th. Then they defaulted on that date and set a new date for June 14. It appeared that the person doing the paperwork for this property quit her job so they defaulted once again. They scheduled the closing date for June 21st, but defaulted on that date once again. So here is it August 8th and they have defaulted 4 more times since that date. We received a new addendum today to close on the 16th of August. We asked for concessions for the delay and were turned down. Silly us....because we asked for that it delayed the process even further. We are waiting for a time on the 16th of August and have not heard that as of this time. Totally frustrated with not being able to speak with anyone from Bank of America. They will not return phone calls, they don't really care about the fact that we sold our home 5 months ago and are now depending on the goodness of family to provide shelter until we close. Had we known it would be a 6 month process we would have done a short term rental. Will never deal with Bank of America again.!
0 votes Thank Flag Link Thu Aug 8, 2013
It depends on who is representing the listing and the bank. I have sold Bank of America foreclosed homes with little complication, and closed within our time period on the contract. The glitch seems to be that the corporate office that handles the foreclosure closings, was on the west coast. They have different criteria than we did here, in Connecticut, for closing requirements. We got through it. Listing agent was very helpful, as was, the Buyer's Attorney. Takes a bit more of, patience.
0 votes Thank Flag Link Sun Feb 27, 2011
It's not difficult it's frustrating. There are alot of fingers in the pie. Time to close depends on response time from the banks which can be 48 hours to a week. Also it depends on you being prequailfied, and how responsive you are to your mortgage company submitting your requested documents to them and if they know what they're doing. Realistically you will close in 45 to 90 days.
If you aren't under a short time constraint, have good credit, have a good competent Realtor and mortgage company you'll be fine.
0 votes Thank Flag Link Sun Feb 27, 2011
Veronica,

One lender is not more difficult to work with on a foreclosed property than the other. You must have a letter showing you are pre-qualified for the amount of the loan. The banks will only consider offers with that Pre-Approval Letter. The qualifying credit score minimum is 640. You will need 3.5% done plus closing costs for an FHA loan or 5% down for conventional. It will take 45 -60 days to close generally in today's market depending on the lender you choose or whether you pay cash. Cash transactions of course take as little as two to three weeks. Some lenders can close in 30-45 days. It just depends on the lender the buyer chooses.
0 votes Thank Flag Link Sun Feb 27, 2011
Good Morning Veronica;
1. It is not difficult at all; and you can either pay cash or finance the transaction.
2. Once you find a property and you have an executed contract, most transactions close within 30-45 days.
3. Contact a local Real Estate Agent in the 76119 or 76112 area for a list of foreclosures.
Good Luck!
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Feb 27, 2011
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