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Foreclosure in Lenexa : Real Estate Advice

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  • Local Info3
  • Home Buying5
  • Home Selling1
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Activity 2
Sun Feb 14, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
Why wouldn't you address the condition issues with the offer? Hopefully you made the offer subject to a inspection to address your concerns. The house does not have to pass any inspection except the appriasal and any city or state required inspection.

Hopefully you have a buyers agent that understand the process to explain your options.

There are banks that will address items, but it depends on what the issues are. The goal is to understand the condition and understand what you are buying. If you know things are wrong when making an offer, those things should be taken into consideration. The banks want a clean deal rather than someone trying to negotiate after the fact. Most likely after a deal is struck its pretty much in stone, not subject to changes. The bank will most likley kill the deal and let someone else purchase the property.

Keith Manson
First Weber Group

Certified Distressed Property Expert
Metro Milwaukee
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Tue Dec 22, 2009
Joan Bennett Realtor, PM answered:
Rachael, I've worked with five different REO Sellers and the answer is... it depends on their workload. Right now most sellers are trying to get the open escrows closed by the end of the year so honestly, it'll probably be after the first of the year. With many Asset Managers handling up to 500 "assets" they do the best they can for what they have. Please, be patient, if you like the property well enough, it will be well worth the wait.

I personally work the Las Vegas Market. If you're being represented by a Realtor, you might want to dig deeper into how financially sound the Homeowners Association is (many are in Bankruptcy) and what the ratio of owners vs Investor/tenants is. If the project doesn't have a limitation on the number of investors that can own units you might end up in the same situation we have here where you CAN'T SELL THE PROPERTY BECAUSE THE NEW BUYER(S) CAN'T FINANCE the property due to too many investor owned units. This could limit the project to "cash" purchases and drive the value of the property down. It can take many years for the project to recover.

Good Luck with your new home purchase! Have a Happy New Year!
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