Wednesday, January 7, 2009
Buying A Bank Owned Property?
I know that this is a random question right out of left field, but has anyone had any experience buying a foreclosure property? Since C and I are in talks of him not re-enlisting into the Air Force and maybe moving back to our hometown. We have to find a new house! And since the cost of living is almost double what it is here, we have a limited budget. We have found some foreclosure properties in our price range however. So before we seriously consider buying, what do we need to know? I know that the inspection process can be very disheartening. But the house we are looking at was built in 2004. So hopefully there are no major problems. I know there are a lot of things to look out for in bank owned properties. But we have no idea what they are. Could someone please help?
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1 comments:
we are looking into HUD and bank owned right now. You are still getting lending I assume so they have to pass inspection which is good. You can't negotiate anything because there is no personal seller involved and that's about as far as I am. You can get an FHA loan or any loan you want and you probably get some kind of military benefit as well. The HUD homes piggy back another loan for any repairs and if you go on the HUD website, it will tell you how to qualify, etc. Homes are inspected prev and they tell you what's wrong with them. Hope that helps
Melanie
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