This is a beautiful bank foreclosure house in Portland, Oregon. Most foreclosures are not this bad. The house looked like it either hadn’t been occupied for years or someone got old and died in the house. There is mold everywhere. The bank cleaned the trash and removed the carpet. The entire house is a disaster. The worst part is the roof or lack of.

bank of REO property(bank owned property) accepted my offer. Now I am thinking since I am the winning bidder, maybe I offered too high and not a good deal for me. I am having second thoughts about getting this house. What to do?

Can I use money in a joint checking account to purchase an real estate bank owned home?
This home would be purchased entirely (all costs) from this account with no mortgage.
The other person on this account (who is not a spouse) does not want any ownership in the house and agrees to this use of the funds in writing.

We made an offer on a house in Ontario California and the seller came back with a termite report saying that it must be acknowledge by the buyer. The report says that there is drywood termite and dryrot damage at garage and patios, but there is nothing mentioned for the inside of the house. This is a REO/ Bank owned house.

Should I back-out of my offer or is this type of termite damage common?

By acknowledging the report am I agreeing to pay the $2300 for the repairs?

I live in Orange County, CA. I am purchasing a foreclosed bank-owned (REO) property. The purchase price will be substantially less than the current assessed tax value. Will I be required to pay tax based on the current assessed value or the purchase price…or a different value altogether?

We purchased a Short sale house on September 10th and the seller approved the sale on the 15th. We were approved by the bank and put a whooping 120,000 Down payment on the house hoping it will go faster.

The homeowner bought it for 695,000. September 20th I checked the value of the home and it was 520,000. The bank approved the offer for the house for 440,000.
Now its january 27th and we are still waiting. I checked zillow’s value of the home. ITS ONLY 410,000 now!

when will we get to move into this house that the prices has been dropping since.
The bank approved the offer back in Septemeber they took our offer because we offered the most for the house and had amazing credit. Also finding 120,000 Down payment was not easy

The listing said subject to bank approval. The seller accepted another offer that was put in (before mine) so the contract went into attorney review. We were told by the listing agent that didn’t mean anything because the bank didn’t approve it so they were still accepting offers. My husband and I put in an offer, the listing agent said our offer was better than the first one but we still haven’t heard back from the bank, since its a short sale we weren’t expecting to hear back any time soon. I think the listing actually said pre-foreclosure too. (not sure if that’s the same?) Anyhow, I checked the listing today just for the heck of it and it says contract date 2/18/09. Called my realtor, she called the listing agent and they said even though they haven’t heard back from the bank, the first offer that went in was put through attorney review so they said even though the bank didn’t approve anything they said it was nj law that they had to list it as under contract. That sounds bizarre to me. The listing agent said that doesn’t mean the other party got the house and said again that our offer was better and it was up to the bank to decide. Does that sound correct? I want to note that we got our pre-qual letter from the same bank that the house is defaulted under. And the listing agent said our offer was higher but couldn’t say by how much. Can anyone offer insight?

I’m pre approved for the Veterans home loan through my bank. I really like this short sale house but my realtor told me “Doing a VA loan with a short sale in our present market environment is quite difficult.” Is he just being lazy or are their some strings attached with the VA home loan that I can’t do a short sale. Thanks in advance for responding.

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my loan it will be 140k….with 35,000 down payment “silent loan” assistance from the county….they are saying my payment will be around 1094.00 a month with tax and insurance.what other expenses should i consider?with a 30 yr fixed rated of 6.25 (good faith estimate) only. house it will be 25 minutes away from my work….. should i reconsider…i have no other debt like car payment or credit cars…please advice me…no pmi insurance or flood zone c. its a short sale bank approved “must” (in california) price 175.000 dlls
and we got about 13 thousand in savings we are asking for 8300 for closing cost?no car payment no credit cards..payment is 1049.00 a month with tax and ins..