How do I go about putting in an offer on a repossessed house b4 it’s on the open market and b4 auction?
Repossession
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June 23rd, 2010 at 4:43 am
approach the owner, be it a bank or whoever. they will want as near market price as possible so will probably want it to go on the market or auction…but i suppose its worth a try -dont ask – dont get..they say!!
June 25th, 2010 at 3:03 pm
If you know the owners personally I would go to them and ask them blankly if they would be interested in selling you the house and perhaps saving there credit. If you know what mortgage company they have you can check that banks reo listings and see if they are interested in doing a short sale. You have to be careful with short sales and foreclosed properties and make sure that you do all of your homework because sometimes the people have more than one mortgage or they have other lean items on their property holding different lean positions.
June 26th, 2010 at 6:22 am
The house will not sell at a mortgage-owed price the auctioneers have to do their job properly. There is nothing to stop you or in fact the present owners asking for a reserved price bid to be lodged, i have known a lot of people get back their property in this way.
Under the ‘freedom of information’ act neither a bank or a building society are allowed to tell you what is owed on the property.
June 29th, 2010 at 1:51 am
go to the bank / building society who own it and ask them for the repo price. Say it was 40K + repo fees at 1% then the house will almost undoubtledy sell for less than 50K, these properties dont end up at auction very often cos it costs the bank more. So I would in this case, offer 5K more than the repo price. So at £40400 I would offer £45K to start with and hope that they accept 1st offer. Be warned tho, it can take a long time getting a yes from Repo’s but it’s worth it.
I would then do it up and rent it out for 12 months to get some money paid into my account before you move in or sell it on at a huge profit and start again. You only need 3 houses like this to come onto the market and you could be mortgage free in 5 years and very wealthy too.
July 1st, 2010 at 4:45 am
You need to approach the owner and discuss an offer. The offer price depends on the motivation the seller is under to sell the property. If motivated it is usually based on a level under market value. If not then and the customer can wait to sell at his price.
July 2nd, 2010 at 2:06 pm
contact the seller or the sellers agent.
July 2nd, 2010 at 6:27 pm
Contact the lender that now owns the property, you can call your local tax office and they can tell you who now owns the property. Lenders obtain Broker Price Opinions and appraisals so they have a fair market value to price the property.
Lenders will accept offers close to fair market value. Despite what misinformation you can find on the internet, lenders are not accepting low offers to “clear the inventory” or to get property “off the books” – they are in a position to wait for their price.
A final thought, the lenders are notoriously slow to respond to offers, so if you put in an offer and don’t hear anything for a month, don’t think you are out of the game. No matter what deadlines you put for the lender to respond, they will ignore them and move at their own pace.
July 5th, 2010 at 7:20 pm
If it’s not for closed yet, talk to the owner – you would have to pay enough to pay off any liens (mortgage, tax, etc) and give the owner enough to please him. Be careful in approaching him – he’s been bombarded by investors wanting to take advantage of his misfortune – you probably don’t need a bullet-proof vest, but it wouldn’t hurt.
If the bank already owns it, then it already has gone through auction. At auction, the lender wants enough to pay what they are owed. Often, in this market what is owed is more than the house is now worth – that’s why the owner couldn’t sell it before being for closed upon. Once the bank owns it, they’ll want as close to market value as they can get – and they’ll probably list it with a Realtor to get it. But try to buy from the bank before they list it – it might be a good deal.
Some foreclosures (HUD, VA and lender owned are the three kinds) are good deals. Find a Realtor who knows how and is registered to sell them. Use them as just another option. Buy the best house for you out of all the options.