buying a US bank foreclosure what to expect, response time etc. any advice, please. They have owned it for two years, put it on the market seven months ago, they have not had any offers but mine.
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7y
My experience is that bank short sales and foreclosures are slow, shadowy and high drama. I finally just gave up pursuing them due to the time+effort / return ratio. It's easier to have a conversation with Kim Jong Un than the foreclosure processor at a bank. If I need that kind of drama, I can ask my wife if something is amiss with her hair.
Auction.com is a different, more structured and user friendly process. If you notice, the auction.com representative awaits positive confirmation from the seller (bank) that the property is ready to be sold before accepting bids. As long as the minimum price is achieved, the drama and uncertainly are over by the time auction.com says 'SOLD'. There is the outbid period; however, it is both time bound and transparent. I like auction.com, just hate that many others do as well :-)
buying a US bank foreclosure what to expect, response time etc. any advice, please. They have owned it for two years, put it on the market seven months ago, they have not had any offers but mine.
Since you indicate it was on the MLS, you should ask your real estate agent what to expect.
Real Estate Broker · Orange, CT · Member since 2013 · 951 posts · 218 votes
7y
US Bank does not manage their foreclosures directly. But the companies they use have a pretty standard process similar to other REOs. Usually a response within 1-3 days. There are always situations that can drag out the response time, like multiple offers continuing to come in.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
The response time for the REO I was interested in was quick! Less than a day to receive a counter offer (like a few hours). Negotiations didn't lead to realistic number so I walked away from the property. US Bank must not be modified to sell right now...
Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
7y
I bought a property on auction.com that was owned by US Bank. They accepted the offer and it closed in less than 30 days. No problems or issues with that process at all. They even had a decent reserve amount on the property and posted that it had equity at the reserve prove, and it did. They priced it right at the price they foreclosed on. About $35k equity based on the selling prices of similar homes, but to make it top level it does need work. Its livable, just not nice, dated. The Brady Bunch would feel very comfortable though. Similar houses sell for about $100k.
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7y
My experience is that bank short sales and foreclosures are slow, shadowy and high drama. I finally just gave up pursuing them due to the time+effort / return ratio. It's easier to have a conversation with Kim Jong Un than the foreclosure processor at a bank. If I need that kind of drama, I can ask my wife if something is amiss with her hair.
Auction.com is a different, more structured and user friendly process. If you notice, the auction.com representative awaits positive confirmation from the seller (bank) that the property is ready to be sold before accepting bids. As long as the minimum price is achieved, the drama and uncertainly are over by the time auction.com says 'SOLD'. There is the outbid period; however, it is both time bound and transparent. I like auction.com, just hate that many others do as well :-)