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Home > Buying Foreclosure Buying Foreclosure Does The Bank Or Mortgage Company Repair Properties?
Many do. Over half the properties we market for banks and Mortgage Company’s are repaired and refurbished. Generally, repairs are cosmetic in nature, paint, carpet, regrouting of tile,... More »
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How Does The Bank Determine Whether To Repair A Property?
Determination is based upon their market data and the actual cost of repairs. If the bank feels that they will recapture their repair costs, or significantly reduce their time on market they... More »
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Can I Still Buy The Home As Is?
Up until the bank orders the repairs, you can still make an AS IS offer. Once the repair process begins then it is too late as materials and labor have been contracted. The key here is the... More »
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Foreclosure And The Mortgage Company
Doesn’t the bank or mortgage company want to get this home off their books; after all, they are not in the real estate business.
Absolutely. However, as a rule of thumb, for every... More »
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Some Properties Are Not Repaired, Why?
Not all banks and mortgage companies repair their foreclosed homes. Some prefer to sell them AS IS. Sometimes, even a bank that repairs properties will choose not to repair a particular... More »
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Are Properties Sold On A Bid Basis Like An Auction?
If the home is to be sold on a sealed bid or auction type basis, the information sheet on this web site or the MLS listing will indicate it is to be sold in this manner. Generally, it is like... More »
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What If There Is More Than One Offer On A Property?
Multiple offers on a property are a frequent occurrence. When this occurs, all offerers will be requested to submit their highest and best or final offer by a certain date and time. The bank... More »
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Are There Any Seller Defect Disclosures For The Property?
None. Seller has never lived in the property and therefore cannot disclose what it does not know. There is no former occupant we can contact to obtain information about the home. Generally,... More »
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Is The Seller Negotiable?
This really depends on the bank that is selling the home. There are situations where a home may not be receiving market attention (i.e. it is on market more than 60 days and not sold) and then... More »
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Will The Seller Pay Closing Costs? Can I Ask For Repairs To The Property?
Corporate sellers are generally bottom line oriented. In other words, they are looking at the net sale to the company.
For example, if you are offering $100,000 on a property and... More »
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