I M buying a condo with cash. Would it be easy to make the purchase of a bank owned property? Also do real estate brokers assist buyers with that?

Asked by Saugus, Saugus, MA Thu May 26, 2011

I am still waiting for my home to sell... I expect at least $200000 from the sale. I intend to use the profit from the sale to purchase my condo. Do real-estate brokers assist a buyer with purchasing a bank owned property? I am retired and will not qualify for a loan due to my income. I was told that a cash sale would be quick so I want to know if I should also lok into foreclosed propery?

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7
Ardell Della…, Agent, Kirkland, WA
Sat Jun 4, 2011
There are normally 3 types of "foreclosure" property. Pre-Foreclosure aka Short Sale, Foreclosure aka bought at The Courthouse Steps, REO Bank-0wned aka post foreclosure.

Agents usually will do pre-foreclosures or post foreclosures. Buying AT foreclosure at The Courthouse Steps has fewer protections as to existing liens and outstanding utility bills and some other issues. So generally agents do not do that. Not a good idea to buy AT foreclosure unless you really know what you are doing.
Web Reference:  http://www.raincityguide.com
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Tom and Joan…, Agent, Boston, MA
Tue May 31, 2011
Saugus:

If you are retired you might want to look into a great program called reverse to purchase. It is a utilizing the reverse mortgage to purchase a home. This product is not for everyone and you need to consult your attorney, but I helped a retired person sell their home and buy without using all their cash.

Realtors can help with any and all types of real estate. Email me if you have further questions. Best
0 votes
Jim Armstrong, Agent, Salem, MA
Fri May 27, 2011
You should definitely look into foreclosed properties because some of the best deals can be found there. Don't overlook other condos, though, because prices have dropped dramatically in most towns, even more so than single family homes. If paying cash for a property you can close very quickly... but make sure you hire a good attorney to do a title search and the closing. If you decide to look at bank owned properties or even short sales, make sure you use a Realtor who is experienced in those areas. There are some issues and pitfalls associated with these types of sales that you definitely want to avoid. Of course, everything is contingent upon you selling your current property. In this market if your home is not selling, and all the right marketing is being done, then it is overpriced. Your Realtor can (and should) advise you on this at regular intervals.

Contact me if you have any questions.

Jim Armstrong
Armstrong Field Real Estate
978-394-6736
http://www.afHomeSearch.com
0 votes
Kimberly Sol…, Agent, WINCHESTER, MA
Fri May 27, 2011
Hello,

It wil all depend upon how quick your home sells and then how quickly the bank on the property you're buying moves. If you would like to start looking at condos for sale in your area feel free to register on my website at http://www.kimsolio.com. It's free and you can start looking at properties immediately. I am local (I live right in Stoneham) so if you would like some assistance selling your home and then purchasing your condo, I would love to help you. I will do my best to help things move along as quickly as possible.

Thank you!

Kim Solio
http://www.kimsolio.com
kimberlysolio@verizon.net
Web Reference:  http://www.kimsolio.com
0 votes
Gregory Tully, Agent, Melrose, MA
Fri May 27, 2011
Hi I am a Realtor in Saugus. Right now there are no bank owned condos in Saugus. We do have two short sales though. I would be happy to meet with you and answer any questions you have. I am close to retirement age and will talk your language. I am also a full time Realtor so I can work on your schedule.
Thanks and I hope to hear from you.
Greg


Greg Tully
617-852-8559
Web Reference:  http://gtully.refinderma.com
0 votes
Molly Mosley…, Agent, Columbus, OH
Thu May 26, 2011
That is correct BUT..You can not buy a bank owned property contingent upon selling your current home. When you are a cash buyer the bank requires proof of funds. In your case you wouldn’t necessarily have proof of funds until after you have closed on your current home. A bank may not work with that. You should find a broker in your area that specializes in foreclosures. Those brokers typically have a relationship with the banks and know what terms they will accept in an offer! Good Luck!
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Sally Grenier, Agent, Boulder, CO
Thu May 26, 2011
YES, you definitely want to have a Realtor working for you as a buyer's agent -- regardless of whether it's bank owned or not! If you are selling your home, do you have it listed with an agent? I'm sure your Realtor would be happy to assist you in the purchase of the condo.

Traditionally, a cash deal can be very quick (since you're not waiting around for loan approval); however, with bank owned properties it might take longer. Depends on the property and the bank. Good luck!
Web Reference:  http://www.sallygrenier.com
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