i found a couple of foreclosure houses that i like - how do i move forward to see and offer on these houses?

Asked by Karen Bowles, Peabody, MA Sun May 10, 2009

Is it hard to buy a house that is REO?

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Ken Lambert, , Exeter, NH
Mon May 11, 2009
Hi Karen- One other item- if it is not in liveable condition (now), per an appraiser (or the town), it will likely not be able to get financed with a conventional mortgage. You might need a special kind of FHA mortgage that will allow some repair work after the closing.
Or else, you will have to do whatever is needed to make it liveable before the closing/ before you own it. That is a risk most people don't want to take, and the banks RARELY will put ANY money into the property in order to get it sold.
If you need more help on this front, please feel free to call or email me. Thanks and good luck,

Ken L.
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Maha Hanania, Agent, Medford, MA
Sun May 10, 2009
Most of foreclosure houses are not in the condition you expect , it might need some repairs. Most of them are being sold AS IS. once you see them and determin how cmpfortable you are with the condition of the house, you can go ahead and make your decision, it is always recomended to have a home inspector. The first step all the time is to have your pre-approval letter. So you will be ready to put an offer on a house. In a bank owned house situation, it usually takes more time to get an answer about your offer, so the procedure might take longer than expected.
If you like to see those houses or put an offer , feel free to contact me 617-407-9830
to make a showing appointment or for any questions regarding you real estate needs.
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Territory.c…, Agent, MA,
Sun May 10, 2009
Hi, Karen.
All you need is to manage your expectations because a lot of banks who own foreclosure properties are very disorganized so the process can be a headache and often take months to close. Also, all foreclosures are "As is" sales so you need to be ready to purchase the property in the condition you find it.

To make offers you just need to have all your ducks in a row which means having a preapproval letter ready, an offer contract that will outline your terms and have language that protects your interests, and money ready for the first good faith check. Each bank may have different offer requirements so you will want to do your due diligence prior to submitting an offer.

A buyer's agent can help make sure your interests are protect and we offer our service for a flat fee: http://www.territoryre.com/howitworks.php
Web Reference:  http://www.territoryre.com
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Deb McCourt, Agent, Ashburnham, MA
Sun May 10, 2009
It is actually EASIER to buy REO than a house in foreclosure or short sale.
You need a buyer's agent. then you look at the properties you are interested in. Foreclosure and Short Sale I would suggest an inspection BEFORE you make an offer.
Most of these homes will require AT LEAST a lot of elbow grease but often times cash and a handy man, carpenter, plumber, etc..
Be careful, there is an awful lot of hype out there about the buyer's getting these huge deals. If you aren't experienced in this and working with an experienced agent you could walk right into a nightmare.
Deb McCourt
Web Reference:  http://www.debmccourt.com
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