Our offer was accepted. We will close on August 26. We're buying a bank repo and boy is it scary right now. It is filled from wall to wall in every room with empty cigarette boxes and beer cans. They removed every light fixture and appliance in the whole house. We offered 2K less than it was listed(128K) and told them that they have to recarpet and revinyl the entire house and we choose the colors. They have to patch and repair every wall and cupboard. The have to replace all the fixtures and appliances. We will have to paint inside and totally landscape the place. I can't believe I am saying this. I found creditnet last October and never dreamed that I would be buying a house in less than a year. I can't thank all of you enough for the advice and support you've offered these last few months. My father in law called me the other day to tell me he'd just read an article about credit scoring and told me that I should look into it. LOL. I'm way ahead of him. Anyway, I will be staying with my parents while we wait to close so I won't be able to get online as often. I will suffer severe withdrawls I'm sure. Thanks for everything, Kim
A few question if you do not mind as it could help my family. How did you find out about the repo and did you go the the bank and get a list of their repos. did you finance through that bank and how much closing cost/down payment did they require. Also, how many negatives did you have and what score did they use. We have like 3 small chargeoffs I refuse to pay as they are not ours. Of course, we cannot get a mortgage with an unpaid collection. Also, from 2 1/2 years ago we had a foreclosure that luckily sold for 7 grand more than we paid for so we owed nothing. I picked a nice undervalued double but our tenants did not pay and took an axe to the house when we evicted and we did not have the funds to fix it so it went bye bye. thanks
Actually it was listed with the MLS. Our real estate agent took us there because it was on her hot sheet. She had no idea the condition since it had just been listed that day. I think she was a little embarrassed but we saw the potential and compared to the other stuff we saw it looked pretty good. 130K doesn't get you far in the Vancouver/Portland area. There are usually certain agents that handle most of them. If you call some of the big real estate companies they can tell you who to call. I looked at several Hud houses too. They are listed at Hud's web site and often on the MLS too. We have a weird deal with our loan. If you are a family of five in our county and you household income is less than 50K you can get a second mortgage at 0% that is not payable until you sell the house or your first is paid off. Since I do not work we barely slipped in. They also require us to come up with 3% of our own so we are getting about 25K plus about $4000 for our own for down and closing costs. Wells Fargo financed the rest using another Washington state program that gets us 5.9%. I took a class on home buying through our city housing center and learned about all these programs. They have something everywhere like this. Kim
Picantel, Any realtor should be able to hook you up with HUD listings. As to bank foreclosure's just call a bank and ask for a real estate loan specialist. They'll point you to the right person. Those can be a steal if you are "handy". Most are in pretty rough condition but, if you can do stuff you'll make out like a bandit. Make darn sure you get a competent inspection on the house because often they will have been empty for many months and had zero TLC or even routine maintenance. For sure give the heating and cooling system a good going over.
We found a home that is way underprices but get this. The guy bought it a couple years ago from a foreclosure. The house could use a little work but is not that bad. He put it at $85,000 a few months ago and it is listed in harmon homes. He never, oddly enough, put a sign in the yard and has not mowed lately. We asked our real estate agent to talk to him and see if he would work with us but his response was that he wanted nothing to do with special financing, 1st time homebuyers, or fha. A month ago he lowed it to $79,900 and yesterday it was lowed to $75,900. Is this guy a total idiot or is it me? I would have paid at least 80 grand for it if he worked with us and he continues to pay $992 semi annual taxes with no sale even close to being completed. I may write again and see if he is desperate yet.
I'm sorry, I'm a little dense at times. What is MLS? Gib- What key words did you use to get a list of foreclosures on BofA's website?
