(Closed) YAY!!!! Finally getting our house!!!!

posted 5 years ago in Home
Post # 3
Member
1832 posts
Buzzing bee
  • Wedding: January 2013

Congrats

Post # 4
Member
739 posts
Busy bee
  • Wedding: October 2013

@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
Member
3053 posts
Sugar bee
  • Wedding: February 2015

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
Member
684 posts
Busy bee

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 Great part of town just outdated finishes, now its updated and so worth it.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 # 7
Member
2622 posts
Sugar bee
  • Wedding: November 1999

How exciting. Congrats!

Post # 8
Member
1980 posts
Buzzing bee
  • Wedding: March 2014

@soontobemrsm11:  

@starz88962:  

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
Member
739 posts
Busy bee
  • Wedding: October 2013

@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 🙂

Post # 10
Member
8472 posts
Bumble Beekeeper
  • Wedding: July 2012

Woo-hoo!  Congrats!!

The topic ‘YAY!!!! Finally getting our house!!!!’ is closed to new replies.

Find Amazing Vendors