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Old 02-05-2016, 05:10 PM   #21
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Updated again - 85 this time around
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Old 03-02-2016, 10:36 PM   #22
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Thanks for continue to update this.
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Old 03-03-2016, 07:04 AM   #23
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My former neighbors condo has been foreclosed. That is crazy.
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Old 04-07-2016, 09:23 AM   #25
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i wonder what this month is going to look like!
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Old 04-12-2016, 06:19 PM   #27
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Are there any major differences between making an offer on a regular listing and a foreclosure? Also, it doesn't seem like the prices are that low....it was mentioned earlier they're typically 2-3% cheaper - I would expect 10%+ lower
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Old 04-12-2016, 06:30 PM   #28
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My understanding is that for foreclosed homes, you will be making an offer to the bank or lender, and they are often not as motivated as a homeowner to sell, and thus do not really negotiate at all. The bank is only interested in getting their money back.

My guess is that foreclosures have to really flood the market or homes have to sit unsold for many many months before the bank is willing to make a move on the price.
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Old 04-13-2016, 09:26 AM   #29
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Quote:
Originally Posted by Calgary14 View Post
Are there any major differences between making an offer on a regular listing and a foreclosure? Also, it doesn't seem like the prices are that low....it was mentioned earlier they're typically 2-3% cheaper - I would expect 10%+ lower
Not much difference for the buyer. The process for the realtor can be significantly different and you will be waiting a few days for a counter vs a few hours but all around, if you have a realtor who understands the process, they will make you feel as if it is any other deal.


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My understanding is that for foreclosed homes, you will be making an offer to the bank or lender, and they are often not as motivated as a homeowner to sell, and thus do not really negotiate at all. The bank is only interested in getting their money back.

My guess is that foreclosures have to really flood the market or homes have to sit unsold for many many months before the bank is willing to make a move on the price.
This is not completely accurate. The bank is more motivated than a typical selle. They are not in the business to sell homes and it can cost them 40+k to go through the foreclosure process, list and sell the home.

As for the bank only being interested in getting their money back... they are not getting their money back through the foreclosure sale. If there was equity in the home it would be handled by the courts and the bank would have little to no say. If the owner is underwater, the bank is trying to recover as much as possible in as short of a time period as possible.

The same thing is said when you deal with appliances... appliances are not included in the sale but the bank won't take them. The bank has no idea if mr foreclosed on just picked up the brand new steam washer/dryer on a 0 down at future shop.

When it comes to the pricing, they are often priced 2-3% lower which is just enough to make them more attractive than regular listings. When it comes to negotiations, average list to sell is closer to 97% right now (98+ typically) where as a will have a legitimate shot offering 95% to the bank.
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Old 04-13-2016, 02:00 PM   #30
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Appreciate the clarification!
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Old 05-02-2016, 12:57 PM   #31
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Could we get an update? Thanks Travis!
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Old 05-02-2016, 04:54 PM   #32
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ill update in about a week or so... trying to keep the updates as close to a month apart as possible.
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Old 07-04-2016, 02:58 PM   #34
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any updates here?
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Old 07-06-2016, 12:34 PM   #36
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I've got a few questions as I am really new to foreclosure sales.

The listing that I am looking at has been listed for over 60 days, and the list price has gone from $420k down to $346k, with multiple reduced prices in between.

We went to take a look, and it looks to be in pretty good shape. Appliances were still in the property, but I've read that appliances may not be included in the sale, or if they are stolen before closing date, then they are gone. Could you please provide some clarification on this?

I've also read that it's recommended to do an inspection before putting down an offer, but since the home is winterized, any leaks may not be detected since we cannot turn on the water until the purchase closes. Clarification on this please?

Are there any other things that I should be cautious of?

Please feel free to PM me.

Thanks in advance!
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Old 07-06-2016, 01:33 PM   #37
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If you have gone to see it a few times I would assume that whichever realtor you have been with can verify most of this however I have no issues adding my 0.02 (can be a fine line having another realtor "educate" you when you already have one)

The bank has no idea if the appliances were picked up on a financing loan at the bay 6 months ago with a balance owed. They do not want anything to do with someone showing up at the door collecting appliances which have not been paid for nor do they want to guarantee they are working, etc.

I am in the middle of a deal right now on a foreclosure and explained to my client that I have never seen appliances taken but it is always a possibility. I have a bit of a work around but this is kept to myself until someone has officially bought. Long story short, do not worry about the bank taking them and selling them as it is not what they are after but do be aware that you are not purchasing the appliances...they are just being left behind.

An experienced realtor will also know how to deal with the winterized situation to ensure you get the best possible inspection performed. Of course this is again a very grey area and is case by case property specific.

There is a long list of differences in a foreclosure and non foreclosure purchase. Some of the key ones are no RPR (or condo docs in a condo situation) provided, no warranty (as the bank has no idea of any defects), only purchasing the titles property with no guarantee of chattels being left behind, extreme due diligence performed (was it a grow op?), etc.

As for the purchase price, each bank is different in how they conduct their reductions. It is a fine line between going for the home run deal but waiting 5 days for a reply and having someone else step in in the mean time or offering fair value minus foreclosure consideration and motivation. Being a preferred realtor of one of the major banks, I have sold foreclosures and understand what is realistic vs what is not. What may be offered and rejected today without consideration may be accepted in a months time.

I hope this helps a bit

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Originally Posted by me_dennis View Post
I've got a few questions as I am really new to foreclosure sales.

The listing that I am looking at has been listed for over 60 days, and the list price has gone from $420k down to $346k, with multiple reduced prices in between.

We went to take a look, and it looks to be in pretty good shape. Appliances were still in the property, but I've read that appliances may not be included in the sale, or if they are stolen before closing date, then they are gone. Could you please provide some clarification on this?

I've also read that it's recommended to do an inspection before putting down an offer, but since the home is winterized, any leaks may not be detected since we cannot turn on the water until the purchase closes. Clarification on this please?

Are there any other things that I should be cautious of?

Please feel free to PM me.

Thanks in advance!
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Old 07-18-2016, 09:31 PM   #38
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Thanks for posting the updates! What does it mean when a listing shows as expired? And if it's a townhouse or condo that you're looking at, how does the need for pet approval prior to sale/purchase fit in?
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Old 07-19-2016, 12:16 PM   #39
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Thanks for posting the updates! What does it mean when a listing shows as expired? And if it's a townhouse or condo that you're looking at, how does the need for pet approval prior to sale/purchase fit in?

expired means that the length of the listing contract has ended.(determined prior to listing between the realtor and client but often 3-6 months). You may see expired listings come back on the market in a short period of time or never again. In the case of a foreclosure they will almost always come back as the bank needs to sell. A homeowner may change their mind and wait it out when they realize the price they want is not realistic.

Pet approval is typically a condition I will put into the contract similar to financing or condo document review. We make sure the condo board has put in writing that your pet(s) are approved should you buy this place and go from there. Should the pet be denied you can walk from the deal with no fall out.
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Old 08-16-2016, 10:38 AM   #40
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Hi Travis,
Would you please refresh the list for August?

Thanks!
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