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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Buying From The Lender Posted by SeanW on May 07, 2003 at 11:03 AM In Reply to: Leased house foreclosed on... posted by Jenifer on May 07, 2003 at 10:39 AM Sounds like you should have been at Ward's seminar yesterday! ;-) Most of the advice I've read on these boards says that the earlier you contact the lender, the better. The lender is going to hand off the listing of a house to a broker because... well, that's what they do! Lenders lend, and brokers sell. A month after foreclosure was probably too long to wait, in order to cut the broker out of this REO. This is basically going to be a retail sale like any other. Insist on them providing clear title to the property. The bank might want to sell it "as is" for cheap, or they might try to get a FMV "retail" price if you're in a seller's market. If the latter, you should use a building inspection, just like any other retail buyer, to insist on repairs (or use the inspection as an excuse for further discounts.) Follow Ups: Re: Buying From The Lender SeanW 7:24 PM, 05/07/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Sounds like you should have been at Ward's seminar yesterday! ;-) : Most of the advice I've read on these boards says that the earlier you contact the lender, the better. The lender is going to hand off the listing of a house to a broker because... well, that's what they do! Lenders lend, and brokers sell. A month after foreclosure was probably too long to wait, in order to cut the broker out of this REO. : This is basically going to be a retail sale like any other. Insist on them providing clear title to the property. : The bank might want to sell it "as is" for cheap, or they might try to get a FMV "retail" price if you're in a seller's market. If the latter, you should use a building inspection, just like any other retail buyer, to insist on repairs (or use the inspection as an excuse for further discounts.) Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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