Question about purchasing bank repo home? - realtor sign posts
My parents neighbor has gone bankrupt and his house is in bankruptcy. My husband and I wanted to buy. How long does it usually for a pension from the bank to take to enter the market after the bankruptcy has been filed? Is there something we could do to make the first offer, or we have to wait until the sign of a real estate agent comes to the market?
Tuesday, January 12, 2010
Realtor Sign Posts Question About Purchasing Bank Repo Home?
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2 comments:
The first thing to do is not to discuss a short sale with the lender. If you solve it went too far in this way, please contact the Director of the Court, to see if the auction will be held for this property. Because it is 75% of the time on the auction in court if the lender has entered into a contract with a local broker
Make an offer to third parties. If you wait until it goes into foreclosure rates, interest rates and fees, has tens of thousands of dollars to the price. For each month that a mortgage payment is not made, $ 750 or more for each $ 100K are due included capital. It is also not the cost of insurance, maintenance, costs of evacuation, etc. You can do this by addressing the current owner and ask him directly sell avoided. It will require the approval of the bankruptcy court, but can be done.
Good luck.
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