Foreclosure in Lansing>Question Details

Bob, Home Buyer in Lansing, MI

Well the seller agent on the foreclosure was very short and kind of rude today. Told our agent there were

Asked by Bob, Lansing, MI Tue Jan 27, 2009

tons of calls, the bank isn't going to fix the septic problem. Heavy clay means lots of money and offering 15000 over asking and then to add another 10-15k would be stupid. How can I go about finding foreclosures and are they on MLS

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Bob, You might be interested in checking these sites out....
Hud homes
Gov. homesales site.
Search the Bank REO sites...

Good luck, Dunes
1 vote Thank Flag Link Wed Jan 28, 2009
Hey Bob,
Unfortunately you are finding out the hard way what "as is" means, and it's not uncommon for a bank to refuse to put any more money into a property or lower the price. The home was priced that way for a reason.

Because no lender in their right mind is going to lend you money on a home like this with serious problems, often these homes will only be sold to a cash buyer or someone with a rehab loan.

It takes a thick-skinned buyer to go through the ordeal of purchasing a foreclosure because the process is not even remotely close to a "normal" real estate purchase with a buyer and a seller. Be prepared to deal with frustrations like this, multiple offers, delays, etc. That is the price you pay when you buy one of these.

Don't be fooled into thinking that foreclosures are the only way to go. There are plenty of motivated sellers and good deals out there. Align yourself with a good buyers agent and let them help you find the right house for the right price. No matter how smart or savvy you are you need a professional working for you.

good luck
0 votes Thank Flag Link Wed Jan 28, 2009

If you have specific areas already determined on which to target your search, out recommendtion is to contact a local real estate professional for each location. Request them to target "foreclosure" properties. They will not only be able to provide you with the properties you are seeking but will also be able to reflect on the past, present, and possible future market trends for their location.

Good luck
0 votes Thank Flag Link Wed Jan 28, 2009

Now that these issues have come to the attention of the bank, they MUST by law disclose these defects to future prospective buyers, or they may risk the chance down the road, (even though they provide a million, "hold harmless," documents), of liability issues...
Web Reference:
0 votes Thank Flag Link Wed Jan 28, 2009
Bob, The listing agent was right most of the banks do not want to do any repairs on short sales or foreclsoures. They sell them as is. This is a problem for some of the properties out there is foreclosure land!!
Your lender would not have given you a loan on the home either. So when looking at a foreclosure to find one in decent shap that needs maybe some up dating but nothing major as far as repairs is not easy. You agent will have to talk with the listing agents to see if they are aware of any problems before you fall in love. They should be listed on your agents MLS. She should be able to get them for you. I have taken buyers to homes that the ceilings were falling down from water damage. Check with your lender and see what type of a loan you are getting and tell the lender what is wrong with the home if you will be able to get a loan on it.
0 votes Thank Flag Link Tue Jan 27, 2009
Hi Bob:

I want to give a different perspective than the one Mike provides. Many offers require big REO agents to put all REOs on multiple listings, market them and submit all offers to the lender until an offer is selected and rectified. I don't see special advantage in signing up with an REO agent to get REO properties. The ones that handles 50-70 REOs can be quite busy to take care a buyer unless he/she has a team to assist him/her. By that time, you will not be dealing with the agent but the agent's associate or assistant.

So, interview an agent that is experienced, knowledgeable about the market where you are and make sure he/she understand your needs and requirements and go from there.

Well priced REOs are difficult to get and sometimes (in Marin county) involve multiple offers due to the very low price and they are mostly As Is. When you concentrating on those properties, then that's what you will be facing.

You might also want to look at some very well priced short sales and just regular sellers. A lot of sellers are pricing their homes very competitively, especially the ones who have to move or have a lot of equity already. There are tons of great deals there also. Short Sales work well for my clients also.

Sylvia Barry
Marin Realtor .
0 votes Thank Flag Link Tue Jan 27, 2009
Sylvia Barry,…, Real Estate Pro in Novato, CA
Bob, I would find out who specilizes in forclosures in your town. There is a trick to them and you do need an expierenced agent. Call the largest 2 or 3 companies in town and find out who in that office does the most forclosure work...dont be afraid to ask the agent how many they have sold and closed in the last year. Interview all agenst and go with who you feel most comfortable with. I would suggest picking an agent that has done at least 50 to 75 forclosure or short sale deals. Good luck
0 votes Thank Flag Link Tue Jan 27, 2009
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