this is the code for the render ad
Community› Local Wedding Boards› Washington-Seattle
Washington-Seattle
New Discussion

NWR: Yay and Question

fancynewbeccafancynewbecca
100 Comments
in Washington-Seattle
FI and I have finally come up with enough money for a down payment on a house! Now we are getting our pre-approval letter and can actually start looking! Super excited!

Does anyone have any experience purchasing a forclosed home? How was the process? I understand that buying a short sale home can be a bit of a headache and while we would prefer to buy from a "normal" seller, there are just so many foreclosed/bank owned homes that we've been seeing on the internet.

Any advice is appreciated :o)
Anniversary
Report Reply to Post

Re: NWR: Yay and Question

  • erinmmcderinmmcd
    10 Comments
    edited December 2011
    First of all, definitely get a realtor to help you navigate that process.  On the buying side you don't pay realtor fees (that's on the seller side).  I didn't personally try to buy a foreclosed home, but my mom (who is a realtor) once told me it can be a long and arduous process because the banks may make you wait around to see if a better offer comes in.  If you find the right foreclosure, hopefully it will work out!
    Wedding Countdown Ticker
    Report Reply
  • KahalagurlKahalagurl
    500 Comments
    edited December 2011
    just be ready to wait...the process takes more longer than normal.  And banks are pretty stupid sometimes so it may be a ton more frustrating than neccessary. if your in not in a hurry to buy, go for it.
    Report Reply
  • Pixel'sMomPixel'sMom
    100 Comments
    edited December 2011
    Actually, a realtor costs money, just inderectly to buyers as well... There's a 3% fee slapped on anyways to the total of the mortgage (we went thru 12 offers before we found our current place- i can reside the paperwork by heart in my sleep), so we went thru shopprop.com - we paid a flat rate (2K) and the rest of the 3% we got back in cash back from them within 2 weeks after closing. ( I can dig up the contact info if you need it) We did the leg work ouselves, and had a lawyer read thru contracts, over all we paid under 3K for the whole precess and got over 14K back in cash that would've went to our potential realtor. Do as much homework for your situation as possible. You have to decide how much your time is worth...

    With foreclosed homes, more paperwork is needed on average and not all may go smoothly, but if you have time on your side, I say go for it.
    Be ready to wait - the mortgage process is a swelling headache, but will totally be worth it at the end.
    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards