Has anyone bought a forclosed property?

[myshtern]

Whats the procedure like?
Are you dealing exclusively with the bank?
Do you simply the bank directly with an offer?

[Weston]

I haven't bought a foreclosure, but I looked at two with my Realtor. It's my understanding that you're dealing with the bank, and they'll usually take a lower offer than asking price... they probably wont haggle with you as much as a normal seller. However, it is sold as-is, with no property disclosure, which is not adequate for all financing options, so talk to your lender first. Both of the foreclosures I looked at were a mess and needed work, but were priced well.

[JL LGT]

Is this property in the process of foreclore? Or is it already foreclosed?

There are a couple of different options for either side.

I prefer the properties owned by such individuals who have NO desire to let their property go (ie: in the process of).... so they're willing to deal with somebody OTHER than the bank. This presents a rather lucrative investment option.

This is.... IF (and only IF) you've done your homework and KNOW (for a fact) that the leasee is a viable asset to you. Than this can prove to be most rewarding.

[myshtern]

We're going to demolish anything on the property so thats fine.

So your realtor told you they just take the lowest acceptable offer and get rid of the deal?

[JL LGT]

We're going to demolish anything on the property so thats fine.

So your realtor told you they just take the lowest acceptable offer and get rid of the deal?
What are you talking about?

Demolish what? What kind of property are we talking about?

"Take the lowest acceptable offer and get rid of the deal" <~~~????

Are you the one foreclosing? Are you trying to dump a property?

[myshtern]

We're looking at stuff closer to denver so empty land is extremely scarce. The idea popped into my head to look into foreclosed properties because they'll be run down and we'll be demolishing everything anyway.

I just dont know any of the process.

[myshtern]

What are you talking about?

Demolish what? What kind of property are we talking about?

"Take the lowest acceptable offer and get rid of the deal" <~~~????

Are you the one foreclosing? Are you trying to dump a property?

No we're looking to buy land to build on

[JL LGT]

Info that could have been usefull in the first place.

If you know what was owed on the home AND land (unless bought as one package) than you know where to begin.

Market value's going to play a role to you but not necessarily the lien holder (the bank) because they're not in the real estate game. They just want what's owed them (or close to it).

Take this into consideration when making your offer!

Are you looking to build "business" on it or looking to build a "home" on this land?

[myshtern]

Residential condos, thanks for the info.

[rmcdaniels]

My wife and I bought a foreclosed house from the VA once. They had a sealed bid auction. We worked with a real estate agent to determine a good bid amount. We didn't have the best bid, but we won the auction because my wife and I had the best combined credit rating. It was a good deal on the house, think we cleared $10K when we sold it later.