- 3 years ago
- Wedding: April 2014
Sent from my iPhone
Sent from my iPhone
I’m in the same boat so I’m curious to hear the answers. We are not ruling out foreclosures or short sales, but they can often be very long, arduous processes. Also they are notorious for trouble – failed septic systems that are the buyers responsibility, any problems with the house are the buyers responsibility, the bank won’t do anything, the houses are sold as is. I’m hoping we can find a regular sale that will work for us.
@AB Bride: We’re looking in metro Detroit. It’s not a new build, the house was built in 1942, but has clearly been updated. One bathroom looks early – mid 2000’s, and the other looks much newer. I would guess this house had some carpet at some point but had old wood floors underneath refinished or new put in. Without seeing it in person yet it looks like there’s signs of some renovation that wasn’t completed. And it’s been on the market for 2 days only.
@jny1179: We’re hoping to find a regular sale that works for us too. I viewed a house that was for sale by owner that was awesome. But because it was by owner it didn’t show up on our realtor’s MLS and we missed out. Now that house is my measuring stick! I’m so envious of the folks that got that house. it makes me anxious to be on alert & ready to act now. It makes me anxious in general 🙂
We bought a foreclosure Home. without us knowing, the house had actually been vacant for a year, but we were told only a few months. We got a great deal, even though we had an extremely complicated long closing. We were dealing with Fannie Mae and that was the only frustrating part about the whole thing. They Are slow on communication. However, with that Said, we are 4 months into living in our house now and we LOVE it! I hope you go to at least look at it and consider it. Ours had new paint and new carpet too and it ended up being our dream home!
my so and I had a great experience with our foreclosure purchase and we ended up paying 50% less than what the house is actually apraised for! the closing process was really easy. nothing out of the ordinary. same with yours too, it was in great shape when we bought it!
our home was owned by Fannie Mae too. And we did a HomePath loan, which allowed us never to pay PMI because they knew that the house was selling at a low low price. Other mortgages we looked at would require us to pay that for a few years.
I was kind of philosophically opposed to the idea of buying a foreclosed home, because this is a tiny community on an island and I really didn’t didn’t want to profit from some local family’s misfortune.
But then a house came into our life – we weren’t even looking (renting and thinking about buying some day) but it kind of insisted we pay attention and buy it!
I was hesitant until I learned the story about the people who had been foreclosed – who were not local and, according the neighbors, did not properly appreciate the house at all. The house had sat empty for about 14 months.
We didn’t think the bank would take our offer – but they did. We didn’t think we’d qualify for a mortgage – but we did – and this was after all the mortgage rules had started tightening up.
The process was no more difficulty or lengthy than other home purchases I’ve made in the past. The home is a classic Hawaii “plantation-style” home, built in 1953, and we’ve been here now for almnost three years. One of the best decisions we’ve ever made!
This house is Fannie Mae too. Unfortunately we don’t qualify for Homepath, for one blemish on each of our credit. Mine is bogus, I’ve been working to get it removed & it is now off of one of the three credit bureaus. FI had a short sale years ago so that blemish might stop us anyway, so we are on the hook for PMI for some time. Another weird thing about this Fannie Mae property is that Himepath isn’t even an option anyway. I was surprised to see that, thinking it would work against us because a homeparh buyer would have a better chance than us. But I guess that isn’t an issue. Or a clue that Fannie doesn’t want to I give an inventive because the foundation is bonk? I’m so new to all this, it’s confusing.
I purchased a forclosed home, it is a duplex, was sitting empty for nearly two years and had a number of problems going along with it even though it looked good from the outside. That being said, all of the problems were revealed with the initial home inspection and becuase it was sitting empty for so long I was even able to get the bank to pay for the majority of the repairs to be done before I had to pay anything, which was perfect in my case. I put in the offer in November and was all moved in my March. So I guess it took a liiiiiiiittle longer than the average 2 month closing time around here but it was totally worth it and I would do it all over again in a heart beat.
In fact, we just got our closing date on another property which is in similar condition and has a similar history. Looking forward to yet another remodel, though this one will have to be a little bit faster due to baby on the way!
@wahine777: Congrats! Wonderful story and wonderful for you guys. We weren’t searching for foreclosures either, this one just happened to come across our radar. Oh, to live in Hawaii! Perhaps you want to visit metro Detroit and we can do a week long home swap one day….lololololol 🙂
@yehyehgirl: No advice on foreclosed homes. But wanted to pass this along–NASA Federal Credit Union was advertising their mortgage loans to non-members around here. They have a no PMI loan. You might want to compare that to what you would be paying with Loan+PMI. Also check with local Credit Unions or occupation Credit Unions. They usually have great programs for members.
IMO, if you dont mind waiting and going through a complicated process….do it… you will save $ for sure. We wanted to buy a house we fell in love with but it was in foreclosure. We passed because we needed to find a home soon and that just wasn’t an option. Some foreclosures more along quicker than others but most of the time it can takes months and months to close!
We actually wouldn’t mind a closing process that takes a while. Our apartment is month to month and it would give us more time to save, and if the process can last long enough to get past the wedding, even better. I’ll have to start looking more carefully at foreclosures! They seem to get snapped up quickly in this area though.
We haven’t bought one but we placed an offer on one and got countered for $1 less than list price. Umm no.