I plan to buy a home in Spring 2011, & I'm interested in foreclosed homes. I'm wondering how many months estimated currently 4

Asked by Wisc00, 53089 Tue Sep 14, 2010

foreclosed purchases? I know i need to work with a real estate agent, but I don't want to start now if i know i cannot move until March 2011 or later.

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7
Debby Thomps…, Agent, Wauwatosa, WI
Sun Sep 19, 2010
Anna is right. Right now in Wisconsin, the homes that are on the market is because people need to sell. During the GOOD times people were just moving around. Now if the home is on the market there is a big need. Short Sales also might be somewhere to look. There is a very long foreclosure processes in Wisconsin a lot longer then a lot of states. So sometimes we are seeing homes where no one has been in it for 2 years. Some have water damage because the pipes have broken in the walls. Sub pumps aren't working and the basement have gotten water in them. Short sales a lot of the time the owners are still there taking care of the home.
Debby
Homestead Realty Inc
http://www.debbyrealestate.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Sep 19, 2010
Begin doing some of your homework now--keep in mind that not all foreclosures are such great bargains, therefore don't overlook some traditional sales, as some may turn out to be a much better bargain.
0 votes
Debby Thomps…, Agent, Wauwatosa, WI
Sun Sep 19, 2010
You want to start to see what is going on in the market. You can get a list of homes as they come on the market or the prices have dropped. The way the market is thing are changing all the time. It takes at least 45 days to close on a home. You might want to start talking to a loan officer so you know how much you can afford. I would find out what type of loan you are getting. Some of the foreclosed homes need a lot of work. You would have to find a rehab loan. Or a 203K type of loan. Best to know the whole picture when you are going down this path.
Debby
Homestead Realty Inc
http://www.debbyrealtor.com
0 votes
Linda S. Cef…, Agent, Franklin, WI
Wed Sep 15, 2010
Wisc00,

The zip code you have given is Lisbon and Sussex. Are there any other municipalities you are interested in?

Linda
Web Reference:  http://www.lindacefalu.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Sep 14, 2010
Wisc00,
Why a foreclosed home? Are you looking for a deal? Foreclosures may or may not be the best deals in the market at any given time. Many are in need of significant repairs or deferred maintenance. Since the bank never lived in the home, you don't have the benefit of any seller's disclosure. Short sales can take months, but since you have until the spring, you could start now and consider homes which will not be available then.
In either case, by starting your process now, you can meet and comfortably interview some agents, learn the market and be prepared to make a good offer whenever you find the right house.
0 votes
David Chiles, Other Pro, Los Angeles, CA
Tue Sep 14, 2010
Thank you for your question about the time frame for purchasing a foreclosure property. Please be advised that a home search for a Foreclosed home takes longer than a traditional home search for many reasons. Foreclosure homes typically have deferred maintenance issues and banks takes longer to accept an offer, among other things.

I recommend interviewing local agents and getting started now, so that you can get the best deal because buying a foreclosure is bargain shopping, which takes longer.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold. The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned. Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage. If a homeowner does not pay the mortgage the home is auctioned. If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
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Jen Burns, Agent, Delafield, WI
Tue Sep 14, 2010
Start watching the market wow so you are an educated buyer on what foreclosures are going for in your area of preference. Also, choose your Realtor now so you can build the relationship and they can help you watch the area you are interested in. Having worked in the foreclosure market for some time I can tell you that purchases requiring financing typically take at least 30 to 45 days to close. There can be delays, however a good Realtor can research which financial institution owns the property and can give you an idea if delays can be expected after your contract is accepted. Be ready to act fast if you find a foreclosure in good shape and in a good neighborhood. Often times the bank will price the property to entice multiple offers and a quick sale. Please let me know if I can be of further help. Thanks for the great question.
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