Ashley Posted September 30, 2008 Report Share Posted September 30, 2008 I'm not sure if any of you are real estate agents or have bought a foreclosed home before so i'll go ahead and try my luck anyways. I looked at a house for sale from REMAX for $234,900 but I found out that it is foreclosed. Am I able to purchase directly from the bank, seller, or do I have to go through the realtor? Am I able to get it close to the 160k or is it going to be close to the 235k? Here is the financial info from the agent: 10/05/02 - buyer bought house for $287,000 03/19/07 - home was on the market with asking price $310,000 11/13/07- expired and off the market with asking price $270,000 05/02/08 - foreclosure paperwork finished and bank took possession for $160,000 and the mortgage amount at time of purchase was $260,000 Quote Link to comment Share on other sites More sharing options...
Guest GMoney Posted September 30, 2008 Report Share Posted September 30, 2008 Good luck. Its up to the bank for the selling price since they own it now. It all depends if they need to dump the house or can sit on it for a while. It can never hurt to try for the 160 but the will more likely want the going rate. Just remember when buying from a bank it is as is. So check it over very well. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 30, 2008 Report Share Posted September 30, 2008 you have to go through the realtor.... the bank will not sell it to you directly. They will not negotiate much with you on back forclosures. Quote Link to comment Share on other sites More sharing options...
medium fast Posted September 30, 2008 Report Share Posted September 30, 2008 Chase has a list of homes for sale on there website, from my understanding we sell them directly to the customer. Quote Link to comment Share on other sites More sharing options...
AJ Posted September 30, 2008 Report Share Posted September 30, 2008 Chase has a list of homes for sale on there website, from my understanding we sell them directly to the customer. its not one of chase's houses. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted September 30, 2008 Report Share Posted September 30, 2008 Find out if it's directly with the bank or if they are using a broker. Most use brokers but try and go direct if you can. Typically you can ask 25% less than fair market value. My guess is they won't take $160k, but perhaps $200k. Never hurts to put an offer out there for them to refuse or accept. Ya gotta start somewhere. You don't likely need an agent but it may be to your advantage. If you don't, you should at least get a lawyer to review the contracts. Agents can help barter the deal for you as chances are they know the other side. Just get in with a good agent who knows someone on the sellers side. I'm not sure if any of you are real estate agents or have bought a foreclosed home before so i'll go ahead and try my luck anyways. I looked at a house for sale from REMAX for $234,900 but I found out that it is foreclosed. Am I able to purchase directly from the bank, seller, or do I have to go through the realtor? Am I able to get it close to the 160k or is it going to be close to the 235k? Here is the financial info from the agent: 10/05/02 - buyer bought house for $287,000 03/19/07 - home was on the market with asking price $310,000 11/13/07- expired and off the market with asking price $270,000 05/02/08 - foreclosure paperwork finished and bank took possession for $160,000 and the mortgage amount at time of purchase was $260,000 Quote Link to comment Share on other sites More sharing options...
Ashley Posted September 30, 2008 Author Report Share Posted September 30, 2008 Find out if it's directly with the bank or if they are using a broker. Most use brokers but try and go direct if you can. Typically you can ask 25% less than fair market value. My guess is they won't take $160k, but perhaps $200k. Never hurts to put an offer out there for them to refuse or accept. Ya gotta start somewhere. You don't likely need an agent but it may be to your advantage. If you don't, you should at least get a lawyer to review the contracts. Agents can help barter the deal for you as chances are they know the other side. Just get in with a good agent who knows someone on the sellers side. I found out that the bank (FannieMae) is using a listing broker. In your opinion is it better/easier if I go through the listing broker or through the REMAX agent i've been talking to? Quote Link to comment Share on other sites More sharing options...
Kevin R. Posted September 30, 2008 Report Share Posted September 30, 2008 FannieMae is probably trying to dump everything they own. Quote Link to comment Share on other sites More sharing options...
TurboNova Posted September 30, 2008 Report Share Posted September 30, 2008 I bought my home from the bank last year and it was through a Realtor who was representing the bank. I believe by the Realtor code of ethics. One Realtor represents you and the other represents you and through them you work offers to the bank. it worked well for me, I bought my house for over 50% less than it sold new for and the house is only 3 years old Quote Link to comment Share on other sites More sharing options...
Akula Posted October 1, 2008 Report Share Posted October 1, 2008 At 23 I doubt you are paying cash. Are you planning on financing? FHA? You will probably have a bit of trouble if you want FHA. Quote Link to comment Share on other sites More sharing options...
AJ Posted October 1, 2008 Report Share Posted October 1, 2008 At 23 I doubt you are paying cash. Are you planning on financing? FHA? You will probably have a bit of trouble if you want FHA. they told us at the bank that most banks are starting to do mostly FHA now. Quote Link to comment Share on other sites More sharing options...
T Rex Posted October 1, 2008 Report Share Posted October 1, 2008 If you are Military check out http://www.usaa.com for loans/banking and even insurance. Quote Link to comment Share on other sites More sharing options...
TurboNova Posted October 1, 2008 Report Share Posted October 1, 2008 when it comes to finance check with credit unions. I dont know if this is your first home but they seem to offer great rates compared to most other places. I got a 5.375 rate from telhio Quote Link to comment Share on other sites More sharing options...
John Bruh Posted October 1, 2008 Report Share Posted October 1, 2008 you "should" be able to buy that house around 160k. I looked at repos and forclosers before i bought my house and this was a yr ago and i ran into those deals. I just was too late on one in pickerington, house was a 370k house, sold for 220k. so those deals are out there. Dont settle on the first couple houses you look at. once i thought i found the perfect house i found a better deal, so dont stop looking till your positive. Good luck Quote Link to comment Share on other sites More sharing options...
lawnman Posted October 1, 2008 Report Share Posted October 1, 2008 Is this house in Pickerington ? Sounds just like the one across the street from me. There are more than a few in my neighborhood thast sold for $300,000 + , 3 years ago and now are being sold for mid to low $200,000s Quote Link to comment Share on other sites More sharing options...
rch10007 Posted October 1, 2008 Report Share Posted October 1, 2008 Depending on the situation, you can get the house for under $160K. Don't hesitate to call and talk to everyone you can find involved with the title of the property. If you get the right person, you can work out an awesome deal. Otherwise, you are just putting yourself out there to be taken advantage of. You can deal with the broker, the agent, a lawyer, and banker, CR, your friends, or yourself. I wouldn't rely on anyone's advice, including mine, and start making calls until you find the one person who is willing to give you the deal you want. If they don't want to work with you, hang up and call someone else. Any business is about working with people. You just have to get a hold of the right one to give you what you want. If this deal isn't as sweet as you want, wait, there will be many more. Quote Link to comment Share on other sites More sharing options...
Ashley Posted October 1, 2008 Author Report Share Posted October 1, 2008 Is this house in Pickerington ? Sounds just like the one across the street from me. There are more than a few in my neighborhood thast sold for $300,000 + , 3 years ago and now are being sold for mid to low $200,000s Reynoldsburg Quote Link to comment Share on other sites More sharing options...
Patrick Posted October 2, 2008 Report Share Posted October 2, 2008 Chase has a list of homes for sale on there website, from my understanding we sell them directly to the customer. Is that your car I see everyday in the garage? Quote Link to comment Share on other sites More sharing options...
Ashley Posted October 2, 2008 Author Report Share Posted October 2, 2008 Do I have to end up making an offer first on the house or will the bank/agent do it? Quote Link to comment Share on other sites More sharing options...
TurboNova Posted October 2, 2008 Report Share Posted October 2, 2008 You make an offer through the realtor agent and then they put it through the bank, about all the time they want an earnest money check up front, they dont want some blowing smoke up there ass. But I think a prequalified letter from the bank works as well Quote Link to comment Share on other sites More sharing options...
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