Home Buying in Richfield>Question Details

Teri Brent, Home Buyer in 55423

I see a house that I am interested in buying. It's boarded up and the neighbors say that it's been foreclosed

Asked by Teri Brent, 55423 Sun May 4, 2008

on but I don't see that it's on the market yet. How can I get info on the house and what the sale price will be?

Help the community by answering this question:


Hi Teri.....I think that's great that you're interested in the home. There are so many great foreclosure opportunities out there. Best bet for you would be to utilize a qualified Realtor who knows thier way around the foreclosure process, dealing with banks, and has familiarity with the inspection process and the PA's that banks utilize. The purchase will be as-is, and that adds an unusual twist to foreclosure sales. Although you could try to contact the bank, I've run into instances where they won't deal directly with a Buyer without a Realtor involved on both the Buyer and Seller side. My recommendation would be to have a qualified Realtor represent you and have him or her lower thier horns and get you the property you're after for a price that makes both you and the bank happy.

I do wish you the very best! Have questions, just let me know.

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
1 vote Thank Flag Link Sun May 4, 2008
Did you end up putting in the winning BID on this Richfield home?
0 votes Thank Flag Link Tue May 14, 2013
Find Yourself a good REALTOR that works with bank owned property. They will know how to track down ownership 90% of the time. If they can't they will watch it for you. Some homes sit vacant for 6-12 months before the bank will do anything.
Web Reference: http://blog.wynnea.com
0 votes Thank Flag Link Sun May 4, 2008
You could go the the county and figure out what bank is the owner of it now; call them and ask for the REO department and hopefully they can tell what broker will be assigned to list the house. Sometimes but not very often they will deal directly with the potential buyer if it has not yet been assigned to an agent. Good luck.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Sun May 4, 2008
The bank will most likely hire a local Realtor to list the home for them, and will determine the list price based on current market conditions. You can expect it to be listed at less than the current market price, but not necessarily at fire sale prices. It all depends on how well your market is doing overall, and how quickly the bank wants to get the home sold.
0 votes Thank Flag Link Sun May 4, 2008
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