Homesteps : Foreclosure : Nationwide Real Estate Advice

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Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
So I understand buying a REO/ Foreclosed property is next to impossible as a buyer. Whats the best way to purchase this kind of home??
Whoever you have been speaking with you should maybe stop. Buying a bank owned home is not hard or impossible, in fact it is pretty straight forward. Once the bank owns it and decides t ... more
0 votes Share Flag Mon Feb 18, 2013 Foreclosure in Austin
Keith & Kins…, Real Estate Pro in Verona, WI
Keith & Kinsey Schulz answered:
When buying a foreclosure do you have to pay with cash?
No. As long as the property is in reasonable condition you can get a loan on foreclosure properties. If a property has lots of damage, mold, etc then lenders will often turn down financ ... more
0 votes Share Flag Thu Oct 11, 2012 Foreclosure
Alain Picard, Real Estate Pro in Puyallup, WA
Alain Picard answered:
Why the seller is paying all the cost?
You should always have your own inspection done. Usually when you put an offer on a property you will put a home inspection contingency in your offer giving you a certain time frame to ... more
0 votes Share Flag Tue Jun 19, 2012 Foreclosure in Whittier
Byron Lohman, Real Estate Pro in Palm Springs, CA
Byron Lohman answered:
Pre-foreclosure, Foreclosed vs REOs......
I see these questions on Trulia all the time. All of the sale types you mention as well as regular sales are usually represented by Real Estate agents and posted in the MLS. A good buy ... more
0 votes Share Flag Fri Jun 15, 2012 Foreclosure in Los Angeles
Jay M.  Jones, Real Estate Pro in Birmingham, MI
Jay M. Jones answered:
How long does it take for BOA respond in fixing mold problem?
There is no solid answer for this one, I'm afraid. There's no guarantee they will even fix it. It may have to go as a rehab loan or cash-only sale. Good luck!
0 votes Share Flag Thu May 31, 2012 Foreclosure in 48329
Matt Schroed…,  in Austin, TX
Matt Schroeder answered:
Can our offer on a foreclosure be accepted if the bank has sent a counter offer to another buyer?
Yes, they don't have very long to accept or decline. If the they don't respond, the bank will move to you, UNLESS there's someone in front of you now.
0 votes Share Flag Mon May 19, 2014 Foreclosure in 78753
Teddy Jagess…,  in Wellington, FL
Teddy Jagessar answered:
If a property is already foreclosed by the bank does it have to go to auction or can the bank sell it to someone how long is the procedure
In most cases when the bank sells a property retail it is through a Realtor, you can have a realtor flag the property to see as soon as it comes on the market, the banks do not generall ... more
0 votes Share Flag Thu May 30, 2013 Foreclosure in Century Village
Bobby Brannan, Real Estate Pro in Belle Isle, FL
Bobby Brannan answered:
What are some great sites to find foreclosures without entering your credit card information?
Try the orange county clerk of the court. Here is a link. They now auction the properties online.
0 votes Share Flag Fri Jun 8, 2012 Foreclosure in Orlando
Marge Bennett, Real Estate Pro in Fort Myers, FL
Marge Bennett answered:
Im paying cash for a forclosure in Fort Myers. Why do i have to occupy in 60 days?
they want the folks who will actually live in the units to have first pick. Once you establish this as your primary residence, you are certainly free to come and go. Why wouldn't you b ... more
0 votes Share Flag Sun Mar 25, 2012 Foreclosure in Fort Myers
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
Does anyone have experience with Homesteps homes? We are interested in buying one and would like advice. ...
HomeSteps is just a marketing campaign for Freddie Mac REO's. Its not a loan program like Fannie Mae has.
0 votes Share Flag Thu Feb 16, 2012 Foreclosure in Tuscaloosa
Christopher…, Real Estate Pro in Portland, OR
Christopher Johnson answered:
how to auction a forclosure house in portland,or. from where to get the information??
Are you looking for a list of REO properties?
0 votes Share Flag Thu Mar 15, 2012 Foreclosure in 97229
Michael Emery,  in Minneapolis, MN
Michael Emery answered:
I've been trying to close for 120 days with cash on a freddie mac foreclosure. Can't supply a deed. here is fm's response. What does?
When a bank purchases a home at sheriffs auction, often they are given a 'sheriffs deed'. They then have to have the property deeded to the bank so that they can then give you ... more
0 votes Share Flag Thu Jan 26, 2012 Foreclosure in Cornelia
Marie Souza…, Real Estate Pro in Centerville, MA
Marie Souza Team answered:
How to get utilities turned on faster?
What does the listing agent say? Start there, but 4 months is a very unreasonable amount of time to get this taken care of. What does your agent say? It would seem to me that the banks ... more
0 votes Share Flag Wed Nov 2, 2011 Foreclosure in Saint Joseph
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
How long to get bank addendum?
You should be asking the listing agent, in most cases the bank addendums are delivered within a day of acceptance. the listing agent can easily answer how long they will take. Some agen ... more
0 votes Share Flag Thu Oct 27, 2011 Foreclosure
Christopher…, Real Estate Pro in Tarrytown, NY
Christopher Pagli answered:
How can a house become eligilbe for a homepath mortgage? Is every house that is a foreclosure eligible or just certain houses?
Hi, Homepath homes are those owned by Fannie Mae. You can go to for all the detailed info.

0 votes Share Flag Tue Aug 2, 2011 Foreclosure in Bradenton
Dallas Texas, Real Estate Pro in Dallas, TN
Dallas Texas answered:
Can the Homesteps Freddie Mac program require the owner/occupancy affidavit to be signed if there is no hom ...
Unless all the forms are presented for review difficult render an opinion. Confer with your buyers agent

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advis ... more
0 votes Share Flag Mon Aug 8, 2011 Foreclosure in Utica
Peter Kedzior, Real Estate Pro in Elk Grove Village, IL
Peter Kedzior answered:
Foreclosed property, what are my cahnces for my offer? list price 250k offered 255k. fha loan
Hello Rose, your chances of getting this home are good unless there are other offers on the table already (seller should inform you about that) or the property wouldn't pass FHA in ... more
0 votes Share Flag Mon Mar 14, 2011 Foreclosure in Aurora
Tee Williams, Real Estate Pro in Portsmouth, VA
Tee Williams answered:
Homepath has a condo listed for sale and it is a foreclosure. Father wants to purchase the condo for his son. Does this violate owner occupancy law?
I recently learned that FHA has a Co-Borrower Non-Occupant program. This may be exactly what the father needs to buy the condo for his son.
0 votes Share Flag Sat Mar 12, 2011 Foreclosure in Orchard Lake
Mani Del Ros…, Other/Just Looking in Sacramento, CA
Mani Del Rosario answered:
I am interested in buying blocks of homes from banks? Anyone know where to start?

If you want to buy bank owned bulk properties, please call me. Most bulk properties are sold in price ranges from $10mil and up. You have to show proof of funds first and a le ... more
0 votes Share Flag Mon Aug 20, 2012 Foreclosure in Sacramento
Joe Houghton, Real Estate Pro in Plymouth, MN
Joe Houghton answered:
What is the Freddie Mac 1st look initiative?
Freddie Mac First Look Initiative

Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors th ... more
0 votes Share Flag Wed Jun 10, 2015 Foreclosure
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