All Forum Posts by: Mary R.

It appears that I did get the house I was hoping to. It won't close for 4-6 weeks, which places it at the end of the year, and freezing temps.
My questions are: How do I find out if it has been winterized, since no one will be in it during that time? Who's responsibility is that, and how do I make sure it gets done? It was sold through an auction company, and the local listing is a local real estate company who pretty well lost total interest in it.

Who do I need to talk with about this?
TIA

I'm surprised no one has yet pointed out that the insurance companies have had death panels since they (the insurance companies) came into being.
A panel of people working for the insurance company decide if the company will pay for certain procedures, and/or in certain circumstances, or not. They always have.
This should not be a big surprise to anyone.

Turns out the reserve price was so high that a full priced offer makes more sense...

Of the 32 properties in my area on the list, 6 were bid on during the auction time. None met the reserve amount. I was the only one bidding on my property. I raised my bid a bit, hoping to meet the reserve, but I did not. I hope I'm close enough to it that they will counter.
Now it's in a 7 day post bid period. I hope no one bids against me, and that they counter.

NB: The "bidassist" function page does not say that in order to use the "BidAssist" it must be used with a bid. One can't place a bid, then later decide to use the bidassist. If one does that, one has to place another bid.
Lesson learned.

Thanks. I was able to see that it is rated as low, and moderate to low.

"Flood insurance may be required" is part of the blurb. How do I determine that? Call my own insurance company?

Thanks. I'll bid the starting amount. There's no bids on that property. Of the several in the zip code, there are bids on 8, and of those a few have several bids. These close on Monday.

Thanks, Jon.
The sample contract seems to indicate to me that after an offer is accepted, that inspection results will not make a difference.
3. CONDITIONS OF SALE: The Property is being sold in an "As Is" condition subject to all faults and defects

7. INSPECTIONS: Buyer warrants that they have previously viewed and inspected Property and accepts the Property in As−Is condition based upon Buyer`s prior examination of the Property...Buyer is aware that Seller acquired the Property either by way of foreclosure or by deed in lieu
of foreclosure, and that Seller is selling and Buyer is purchasing the property in an "AS IS CONDITION WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE"....
This purchase is not contingent upon or subject to the findings of inspection reports requested by or on behalf of the
Buyer. The closing of this transaction shall constitute an acknowledgement by the Buyer that the premises were accepted without representation or warranty of any kind or nature and in an "As Is"
condition based solely on Buyer's own inspection and that Seller shall have no further obligations, liabilities or responsibilities under the Agreement or any addendum.

In another thread, "Fannie Mae properties" one responder said he " picked them up at about 40% of list price". That sounds good to me. 40% of the list price is about $15 K less than the realtybid starting bid.

According to the agent, the main reasons there has been no interest in the house are a big pool and the HVAC is not what most people want.

Will a bid lower than starting bid be entered into the system? I've been trying to watch a few other properties to determine that, but haven't been able to.

I'd like to have that house, and don't want to alienate those who decide to accept or reject my cash offer...

Or, should I offer the starting bid?

Originally posted by Jon Holdman:

Banks almost always include a short inspection timeline and the associated contingency.
There will also probably be a place in the contract where you say whether or not you intend occupy it. Not sure this makes any difference to the bank or not..

According to the sample contract on realtybid, there is an inspection time, but the property is listed as is, The Property is being sold in an "As Is" condition subject to all faults and defects." So, though there can be an inspection period, results do not change the fact that the offer was accepted.

Originally posted by Jon Holdman:

My experience is similar to Jason's. If you're not pretty close to the bank's current listing price, they won't take your offer. Over time, the bank will slowly drop the price. Resubmit your offer each time they do a price drop.

Thanks. I will plan to do that if needed.
Homesteps is on the sign at the property,, along with the realtybid info.