The Banks have me running al over the place listing bank owned properties, which I guess is a good thing for me with regards to business, just wish gas prices weren't so high. Here's this mornings drive...
Got to get a decents start on it as they are waiting for me to get these things moved forward.
So that is my morning rant. Good to be busy, bad to be busy all over the places when gas prices are close $4.00 / gallon.
I'm going to take my wife VW Passat Today as it gets a lot better gas mileage then my Tahoe. So if you see a Blue Passat Wagon on the Road with a TBR sticker on the back give me a honk and a wave.
Volume has picked WAY up on the west coast of Florida, starting in January. Mostly what is moving is the lower end land & homes but at least things are moving. Heck, even Jim Crammer on CNBC said that "smart money is buying the west coast of Florida." Not that I place a lot of weight on what he says... Still no new construction really taking place as that will be a couple years or more away.
Are you not able to levy surcharges back to the bank for all your running around Matt?
I have thought about asking, but in this market there are so many agents looking to get into foreclosures and would do it without asking for compensation, I don't want to piss the banks off.
Matt - Nice listings!!!! Are the prices shown negotiable? I need to understand more about foreclosures in terms of what conditions go with the purchase.
Conditions are just like typical real estate except a few things..
1. Houses are sold "As Is Where Is." Yes you can get a home inspection and decide after the inspection is done if you want to move forward, but the bank will not fix anything.
2. Homes are sold via "Special Warranty Deed" instead of "General Warranty Deed" basically stating that the bank can only guarantee the title being clean since they took back ownership. This typically isn't anything to worry about as that's why you have an attorney do title work for you.
3. Must be pre-approved with a bank & have documentation before submitting and offer.
4. Patience as sometimes the bank will take a few days and sometimes a week or so to respond.
5. If you are interested in renting your property (weekly rentals) that is something you will have to "start over with" as the bank is not in the business of renting homes.
6. Sold Unfurnished.
That helped lots. How about existing liens, etc. like bank, HOA, IRS, others. Are they all zeroed out in terms of the property liability once it's bought, or can the new owner be held responsible for those? Thanks again. (one other question - if paying cash, what proof of ability to purchase does one need?)
With Cash deals - I would have you call the local mortgage broker who works with the bank who is currently holding the deed. He would ask you a few quick questions and pre-approve you even if you are paying cash.
With regards to taxes, HOA and so forth. That is all stuff that is put on the previous buyer. The banks pay it off (if needed) and then just add it to the bill that the old owner owes them.
Thanks. It was the possibility of being stuck with prior owners debt, esp. if it was secured by the property. Sure - see several that I like but none that really pop. I'd be more interested in waterfront (protected canal, cove, etc) with deep water and an existing dock would be nice, and a great view.. Just got my interest flowing and I'd need to sell my waterfront place here before I could do the cash deal,,,,and I don't want a mortgage.
The Business of Foreclosures
Just got my interest flowing and I'd need to sell my waterfront place here before I could do the cash deal,,,,and I don't want a mortgage.
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