I’ve been meaning to write a post explaining how to buy a foreclosed home for EVER! But I just found a post that beat me to it on The Digerati Life, a top notch personal finance blog. Read the whole post here.
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That is a great article.
Remember, when dealing with a Foreclosure, you also have room to wiggle on your current home.
My borther/sister in law just moved Monday ( 2 days ago ) into their new home…a foreclosure. They got $500,000 off the original listing of the house.
But, the kicker was, they didn’t have to sell their home. Since they were moving from a much lower priced home, and the “expensive” home had been on the market for over a year, the bank agreed to take their home and use it as the down payment.
They did this because their current home..a $300K home is much easier to move in this market than a $1M home.
On top of that, the bank gave them the worth of their home, had them sign the contracts, etc. then came in for the appraisal after the fact ( wonder what bank this is? ) and found the home was valued at $25K less than what they orginally told them.
Thanksfully my brother in law fought them on the issue that they could NOT revalue the worth after everything was signed. Bonus…that was like an extra $25K in their pockets.
So, the fact they did NOT have to sell their current home in this market, plus got over the appraised value, was a great blessing on top of getting such a great deal on the foreclosure.
Definitely haggle with the banks, you may be surprised what they will do to get that property off their books.