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Groundzero1, Other/Just Looking in San Benito, TX

how to buy a bankruptcy home without a realtor?

Asked by Groundzero1, San Benito, TX Tue Jul 1, 2008

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10
At Auction or at the Bankruptcy court proceedings.

Good luck.
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sun Jul 21, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sun Jul 21, 2013
Generally the only way to purchase a home being sold due to bankruptcy is to contact an auctioneer as they handle auctions on homes that are being sold as per bankruptcy court proceedings. to find a list of auctioneers in your area you can Google auctioneers, your town and city and that should be a good starting point. Good luck!

Marco Gomez
NYS Associate Broker
Keller Williams Landmark II
Serving Queens, Nassau & Brooklyn
0 votes Thank Flag Link Wed Nov 30, 2011
Realtor they say it don't cost you anything, but what they don't tell you is that they take up to 10% if not more of what you are paying for the home. So there it is more lies by saying it don't cost you any thing. Contact the ower or the bank and tell them you don't want to deal with a realtor make a fair offer,and if they want to sell you the home they well play ball. And remember you have the money they want it, so they can sit on the home and pay taxs on it till they sell it. Or they can sell it to you 9 out of 10 they want to sell it to move the market. Due to the tax on their property is eating away at there capital. you got me??
0 votes Thank Flag Link Tue Nov 29, 2011
Possible, but not probable. You might try to find the asset manager who is responsible for that property and send an offer directly to them. You'll want to send it on the TREC forms. Don't send them a one page LOI or something to that effect if you want a response. In the end they'll probably refer you back to the listing agent who will then act as an intermediary agent representing both you and the bank. Potentially in this area you could also contact the trustee for the sale and submit the offer through them, but this is also unusual. Many don't want to talk to anyone but the asset holder. In the end it is probably you'll probably get a better deal and make it run faster and smoother if you get a buyer's agent on your team to help you with the purchase.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Jul 2, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
If you have a specific property in mind that you know is bank owned, you can contact the bank directly (their real estate owned department). Most banks will hire a realtor to market a property but I have seen situations with extenuating circumstances.
0 votes Thank Flag Link Tue Jul 1, 2008
It's very difficult. As Cindi noted, most banks (in fact, I don't know of any that don't) list their properties with Realtors. So you're going to be dealing with a Realtor at some point.

You could pay a bit more and buy from an investor. Investors are active in this market, and some are buying REOs. Many investors would be glad to flip a property to you for a wholesaler's fee--often in the range of $5,000-$20,000. They've done all the work. Now you'd just buy it from them. And investors would prefer to sell directly to you, so they wouldn't incur the commission.

Hope that helps.
0 votes Thank Flag Link Tue Jul 1, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Why would you do this? It does not cost you anything--so why wouldn't you want an expert's advice on possibly the largest financial committment you will ever make?
Good Luck!
0 votes Thank Flag Link Tue Jul 1, 2008
If you don't use a Realtor, where the bank pays the commission, you will need to find an attorney, which you will pay for so you can at least have piece of mind.
Good luck!
0 votes Thank Flag Link Tue Jul 1, 2008
Is there a reason you don't want to use a Realtor? There is no cost to you if you use a Realtor to help you purchase a home. Not in WA, pretty sure it's the same in most states.
0 votes Thank Flag Link Tue Jul 1, 2008
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