Post # 1
So it has been a LONG time since I have been on the bee, but I have the most awesome and exciting news!!!! MY HUSBAND AND I ARE GETTING A HOUSE!!!!!!
The house that we are getting was a foreclosure, so we got it for an Amazing price. And it’s in the area that we wanted, but otherwise wouldn’t have been able to afford!!! The former owner had not left even after the house was sold, but after a month we have helped her move out and tomorrow we can officially start cleaning and renovating!!!!
The house is definitely a fixer-upper, but it will be so worth it! It has so much potential! I am so excited for our first house!!!!!!
Post # 4
@nutMeg13: Wow a big congratulations to you and your husband!!! I’d love to find a foreclosure for a steal. How did you find the property?!
Post # 5
Congrats!!! Can I ask what the process was for buying a foreclosed house? My coworkers and I were just discussing this today and they made it seem insanely difficult. They mentioned having to go through courts & put your offer in then & having 7 days to close or something crazy!
Post # 6
Congrats! It is definitly worth it to buy a fixer upper, we got an estate home. Great part of town just outdated finishes, now its updated and so worth it. Have fun fixing it up it will be such a great house!
Post # 8
I don’t want to threadjack but we closed on our foreclosure yesterday! I can answer some of your questions.
We found our house on a website called Hubzu. We also found several other foreclosures through looking on Realty Trac. However, Hubzu has very updated information, and Realty Trac has more houses but the listings can be several months old (meaning they are long since sold!). There are also websites that charge a fee to show you only foreclosure listings, and they cost about $30 a month. IMO, they are worth it. We joined one during our search and it was nice to not have to weed through all of the listings on Trulia and Realtor.com looking for foreclosures.
We put in an offer on 2 foreclosures. On the first house, it was in need of a lot of work. With a foreclosure you can’t do an inspection. We were nervous but put in a bid anyway. The hosue was REO-owned which means it is being held by a real-estate firm who is selling on behalf of the bank. They had an open bid period for 7 days. There were 8 other bids and our was not accepted (even though we were $10K over asking, with an all-cash offer and no contingencies).
On the house we just bought, we found it online on Hubzu. We called our realtor and she submitted an all-cash bid on March 17th. They accepted our offer on Good Friday and we closed yesterday. Good Friday was March 29th, so our entire process took from March 29th-April 30th, exactly one month.
It was super easy for the most part. We did not ask for a home inspection, since we bought our house for about half of its appraised value. We felt like we were getting a good deal, and since it is a new property it didn’t have many issues that scared us (unlike House 1 that we lost). The only hang up that took a little longer was dealing with several out of state comapnies that held the title, etc. With a foreclosure there are lots of cooks in the kitchen, so our title office was in New Jersey (we are in Texas) etc.
We did not have to go to court or anything like that. We did have only 24 hours to fax bck Proof Of Funds though when they accepted our offer.
Post # 9
@Miss Leopard: Thank you so much for all of your info! Super helpful. Fiance and I are debating whether to upgrade or not after the wedding, and how much we can afford (we already own a home). So this information is sooo valuable! Thanks 🙂