Home Selling in Stow>Question Details

Cindy, Home Buyer in Cuyahoga Falls, OH

HOW DO YOU BUY A HOUSE THAT WENT THRU FORECLOSURE THAT IS A FREDDIE MAC?

Asked by Cindy, Cuyahoga Falls, OH Wed Oct 29, 2008

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Your best bet is to wait until it is listed for sale on the local MLS system. Find an agent and start working with them, they can keep a lookout for the house when it pops up on the MLS, then you can buy it. The waiting period will be over by then. Going to a courthouse auction can be frustrating and each state does things differently. In North Carolina there is an upset bid period where a bidder can be out bid on a house each week after the sale and the owner can come up with funds to save the house after the auction themselves. It can be frustrating and this is why so few homes are actually sold by auctions at the courthouse. People always think they can go to the courthouse to get a steal and leave with a house, nothing could be farther from the truth. The bank is going to put a min bid on it for what is owed to them so buying one for a dollar, like some of the TV infomercials claim, just does not happen.
0 votes Thank Flag Link Thu Dec 23, 2010
Cindy,

I am a realtor in the area and have a vast knowledge of Bank Owned properties. I know the entire process. If you are still seeking answers, I'd be happy to chat with you to clear up all the confusion.

Carey Ferrari, ABR
Prudential Karam & Simon Realty
330-622-2290
careyferrari@sbcglobal.net
0 votes Thank Flag Link Thu Dec 23, 2010
CAN YOU GET TO IT EVEN IF IT HASN'T BEEN LISTED YET?THANKS
0 votes Thank Flag Link Fri Nov 7, 2008
Freddies Mac will not usually list the house until the 30 days is up. Once it is listed for sale with a broker they have gone through and cleared the titel so it is ready for sale. Cindy all you have to do is contact a realtor who is signed up under the home steps program, John is signed up and will be able to write an offer on your behalf. You really should have a buyer broker than can assist you wither with this or any purchase. In most cases you can negotiate so that it does not cost you anything out of pocket as the buyer broker gets paid a fee offered by the listing agent on MLS and paid at closing. this way someone will be looking out for your interests. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 6, 2008
cINDY,
iF YOU WANT TO WRITE AN OFFER, WE CAN DO THAT!
SEND ME AN E-MAIL AT JWIRSING@KW.COM OR CALL ME AT 440-487-2193
0 votes Thank Flag Link Thu Nov 6, 2008
COULD YOU PLEASE ANSWER ,MY QUESTIONS JOHN OR SOMEBODY???????????
0 votes Thank Flag Link Sun Nov 2, 2008
Cindy all Freddie Mac homes will be listed by an agent and placed on the MLS when they are ready for sale. Currently Freddie is offering a 2500.00 closing cost credit if you use a Home Steps registered agent and purchse the home with a FHA loan.
I am Home Steps registered in my area and I receive advance notice of homes available through Fredddie Mac in my area.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Oct 30, 2008
I JUST FIND THIS SO HARD TO BELIEVE. WHAT IS THE POINT OF HAVING THE SELLS THEN?

SO I COULD GO BUY A HOUSE AT A SHERIFF SALE AND THEN IN 30 DAYS NOT EVEN OWN IT AS THE DEFAULTED OWNERS CAME UP WITH THE MONEY SO THEY GIVE IT BACK TO THEM? YOU HAVE TO PAY THE TAXES WHEN YOU WIN THE BID. SO IS THAT JUST A GIFT TO THE OLD OWNERS????????????

WHAT PRICE DO THEY HAVE TO PAY??????????????
WHAT THEY OWE, WHAT THE HOUSE WENT FOR AT THE SHERIFF SALE, OR WHATEVER OFFER THE BANK WILL TAKE????????????????

I AM DEFINITELY IN SHOCK ON THIS ONE.
0 votes Thank Flag Link Thu Oct 30, 2008
ARE YOU SERIOUS???????????
WHAT HAPPENS IF IT WAS SOLD AT A SHERIFF SALE?

THEN WHAT HAPPENS AFTER THE 30 DAYS?
0 votes Thank Flag Link Thu Oct 30, 2008
Cindy,
In Ohio, after a home has gone through the Sherif;s sale, the previous owner has 30 days after the Sheriff's sale to come up with the money to clear the obligations.
Title will not transfer for 30 days after the Sheriff sale.
0 votes Thank Flag Link Wed Oct 29, 2008
i am speaking of after the sheriff sale but before it is put on the market.
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Cindy,

The best advice I can give you is to contact an agent in your area that has experience in dealing with foreclosures. Sometimes the paperwork is a little tricky , but an experienced agent can make sure that all of the paperwork is handled properly. It doesn't cost you anymore to use an agent and it will save you a lot of headaches.

If you don't have an agent feel free to contact me and I will refer you to an experienced agent in your area.

Good Lluck and God Bless,

Janet
0 votes Thank Flag Link Wed Oct 29, 2008
Good morning Cindy,
Once the property has been put back on the market after the foreclosure process has been completed, your interests can be best served by a REALTOR that works for you.
I would be happy to assist you to determine fair market value, prepare your offer, negotiate on your behalf and co-ordinate the successful closing for you.
If you would like to continue searching for a home, and looking for the BEST AREA HOME SEARCH, let me recommend http://www.BestAreaHomeSearch.com.
While on this page, you can also click on a tab entitled, "INSTANT HOME VALUE" and type in an address to determine what the homes in the area have sold for recently.
If I can be of any help, please call me at 440-487-2193.
0 votes Thank Flag Link Wed Oct 29, 2008
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