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Foreclosure in Mebane : Real Estate Advice

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  • Home Buying14
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Activity 5
Sun Jun 6, 2010
Steve Moore answered:
Thu Jan 14, 2010
Adrian Huntington answered:
Shae,

When banks approve short sales they send out an Agent to do a Broker Price Opinion "BPO", or they have an appraisal completed. Whether Fannie Mae, or Freddie Mac, the bank is looking to net a predetermined dollar amount. I know Freddie Mac wants to net 88% of the Broker's Price Opinion. If your lowball offer nets the magic percentage your offer could be accepted. ... more
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Thu Jan 14, 2010
Zane Gerringer answered:
You should have a Realtor do a CMA taking into consideration the condition of the property, etc. It's impossible to answer without an address and viewing the property in person.
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Fri Oct 16, 2009
Larry Story answered:
Monarch,
On a HUD foreclosed home you will get two weeks first shot if you are going to be a owner/occupant. The first two weeks are generally reserved just to take bids from owner/occupants. After that the bidding is open to investors also. A HUD home is of course a government foreclosure. You can as Jimmie suggested build the closing costs into your offer. Basically for example if you wanted to buy a home listed for $100,000. You were going to only offer the seller $90,000 but you also wanted $3,000 in closing costs. Then your buyer's agent would put the offer together offering the seller $93,000 purchase price but asking for $3,000 back in expenses for closing. It is a common practice but depending on the home and how much lower you are then the listing price as to whether they will agree to your offer.
One of my buyers just went under contract on a foreclosure in Graham with closing costs built into the offer. It is a fairly common practice.
I suggest you get a buyer's agent to start working with you if you do not already have one and have them start helping you with your search and buying strategy.

Hope this helps,
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