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Foreclosure in Lancaster : Real Estate Advice

  • All244
  • Local Info16
  • Home Buying75
  • Home Selling11
  • Market Conditions8

Activity 5
Tue Feb 5, 2013
Dan Tabit answered:
Two basic ways, through an agent once it's listed or with cash at an auction. Auctions do not permit you to preview, inspect or receive any disclosure about the homes. They require cash (certified funds) and do not allow you to set up conventional financing. There may be a Hard Money lender who will set up some short term financing for you, at a premium.
At an auction you are competing with many knowledgeable investors who do this full time professionally. If you choose to go this route, take your time and do not get emotionally attached to any specific house if you are looking for a good investment. I hope this was helpful.
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Wed Jul 22, 2015
Suzanne MacDowell answered:
Banks will not talk directly to buyers. The only real way to make an offer on a foreclosed property is to wait until it goes on the market, listed through a real estate professional, and then make an offer on it. I know many people who have tried and tried to go directly through the bank, it just doesn't work. Sorry. Best to find a good buyer's agent familiar with working foreclosures and have them monitor the Multiple Listing Service for you. ... more
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Wed Dec 7, 2011
Ron Thomas answered:
If the Bank has the Keys, then you are off-the-hook,
in more ways than one.

I hope you got your stuff out.

Good luck and may God bless
0 votes 11 answers Share Flag
Sun Nov 20, 2011
Don Tepper answered:

If BOA paid for the appraisal--or if it was a BPO (similar to an appraisal)--then it's theirs. They paid for it; they own it.

Check with your lawyer for more information. ... more
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Wed Apr 15, 2009
Erica Ramus, MRE answered:
Buying these kinds of properties is risky, but not impossible.
1. Check out online sites such as Holk Van Homes
2. Go to your local courthouse and ask when the next sheriff sale is.
3. Google "Lancaster Foreclosure" and see what comes up.

You don't need to be an insider to figure this out, but there is risk involved. Sometimes, you are buying trouble. At a sheriff sale you're probably buying something you've never seen the inside of and you may be buying old debts/liens too. You need to do your homework before you bid.
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