Eg

I'm a:	Real Estate Professional
Location:	Plymouth

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I've noticed the number of bank owned properties on the market has been increasing. How does buying a bank?

Asked Tue Mar 4 2008, 18:30 by Amy - East Bridgewater - Home Buying - 6 answers

Eg answered:

Amy,
Many banks have a list of foreclosed homes on their websites and also Freddie Mac listed by state and then town. Some allow you to do an inspection but if it's winterized you have to pay to have it dewinterized (approx $200) The pricing is usually under that of other homes because they don't have any disclosures and you have to accept it with no recourse if something doesn't work after the sale. I suggest asking for a home warranty to be included and paid for by the bank. Also have someone go over the contract so you'll know what you're agreeing to. Many banks also sell their REO (real estate owned) properties at auction for even less. Look up usahomeauction.com - Sun Mar 30 2008, 16:56

do you have rent to own w/ section 8?

Asked Thu Mar 27 2008, 20:48 by Lizzie - 02301 - Home Buying - 3 answers

Eg answered:

Section 8 may put money aside each month toward a downpayment on a home. This may take years to accumulate enough funds but it's money you won't have to earn. The main requirement to buying a home is to have a preapproval for financing the purchase. This is usually income driven, but there are some programs where the seller can contribute toward the downpayment (American Dream is one). The best thing to do is buy a home you can afford, build up equity and then sell it and use the gain to put down on another home. - Sun Mar 30 2008, 16:40

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