Foreclosure in Hanford>Question Details

Patti, Home Owner in Hanford, CA

It seems like the banks who have these foreclosures for sell for a very long time would want to get rid of

Asked by Patti, Hanford, CA Mon Mar 2, 2009

that house. But when offers are placed they take their sweet time getting back to the agent regarding your bid if it was or was not the highest and best. They seem to be so finicky when it comes down to the brass tacks of the purchase agreements, they never want to fix anything, yet they sometimes ask a ridiculous amount for a foreclosure. Now short sales, those are bargains. I would like to add we have more than a substantial amount for a down payment.

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I am just a new first time homebuyer and I can agree with part of your statement also. Would HIGHLY caution short sales as some in the area I am in have taken over 6 mths to close and some are still waiting. We originally looked at short sales and after bidding on one found that the listing price is really never accepted (sometimes 50K over is only considered!) I realize that this may not be happening everywhere but your right - a bank should want to get rid of the property as soon as possible BUT they don't really want to take part of the rest of the sale they should be inclined to (repairs etc) if they were not the bank. The key I believe is being stern and knowing going into a foreclosure what to expect. If you have more than a substantial down payment your offer should be considered very highly...but it will be based on what you bid. Again....the bank feels it has lost money and it has its threshold of where its going to take more of a lost. Be keen on the price.......offer what YOU THINK IT IS WORTH (rather than the listing price) and go from there.......GOOD LUCK!
0 votes Thank Flag Link Mon Mar 2, 2009
Patti

I have to also agree that banks do take their time most of the time. I also have experienced a response with in a day from the bank as well. Now for short sales, I don't agree with you on a bargain. I fill you have to have more patience. Some short sale can take up to 5 to 6 mon.or longer. I think when it comes down to it, its all about the bottom dollar for the banks.Short sales or foreclosures.
0 votes Thank Flag Link Mon Mar 2, 2009
Patti,
I have to agree with part of your statement. The banks seem to be in no hurry some of the time and totally out of touch with reality. For example, there is a home in my neighborhood that has been foreclosed and vacant for almost 2 years. Finally it is on the market, but the list price is about 50 - 60k over current market values. Explain that to me.

As for short sales, I don't know if I would call them great bargains here in Florida. My main objection is they can take an inordinate amount of time to close. Especially if there is more than one lien holder for the property in quesiton. In my opinion, once your offer is accepted by a bank for a REO you have a much clearer path to closing. Also, what is a great deal today may not be such a great deal six months from now if housing prices continue to decline especially in markets that are the hardest hit.

Good luck!
Trey Miller
0 votes Thank Flag Link Mon Mar 2, 2009
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