So I'm buying a REO home, which basically means it was forclosed on, and the bank owns it. For those out there with little patience and even less ability to put up with beuracracy...These homes take forever to actually purchase and you have to jump through hoops to get it done.
Now just to be fair, and to give props to the awsome mortgage company I'm using Mario Flores and his crew Robin and Cheryl at VanDyk Mortgage have been amazing helping me and keeping me from freaking out. Believe me there were times I was ready to freak out and run away. But I truelly loved this house and knew that it was an amazing deal despite it's flaws. I'm blessed with some good people in my life.
And my realtor, although at times I doubted him, (mainly because I was totally new to this experience) was also a total rock star making this happen. (Ken Ferrier at port city properties)
On the seller's side, I don't fault the realtor at all. He did his best with what the bank gave him, which was a lot of red tape and delays. If I had more money to give I would make sure all these people had a bonus from this sale... But I wouldn't be buying a REO if I had more money either.
Now the bank on the other hand... If someone out there is thinking about buying one of these REO properties just know that the bank is not in a rush... They don't hurry, and they go through a LOT of b.s. before they allow anything to go forward. So just be warned that buying one of these properties can take an excruciating long time. I guess from what I hear 3 months isn't that long to wait, but when all I was waiting for was paperwork every time there was a delay, it seemed like forever. And keep in mind that whatever realtor has the property is not at fault for what the bank does or doesn't do.
I guess I shouldn't bash anything until I sign the paperwork... But they can't squeeze blood out of a turnip, and selling a house they listed for 48,000 they really shouldn't expect to. But then again... We'll see. I don't sign until tuesday. Let's hope my uhaul only has to stay rented for 3 days.
Oh and what I should have said first. I thank God for all my blessings. This experience has made me appreciate having a home, wether it be rented or owned, someone else's or my own. It's something I should have kept in mind this whole process and it would have been a whole lot less stressful. Thank you for that lesson God, because it almost slipped by me and I wouldn't have learned the most important thing about it all.
Now just to be fair, and to give props to the awsome mortgage company I'm using Mario Flores and his crew Robin and Cheryl at VanDyk Mortgage have been amazing helping me and keeping me from freaking out. Believe me there were times I was ready to freak out and run away. But I truelly loved this house and knew that it was an amazing deal despite it's flaws. I'm blessed with some good people in my life.
And my realtor, although at times I doubted him, (mainly because I was totally new to this experience) was also a total rock star making this happen. (Ken Ferrier at port city properties)
On the seller's side, I don't fault the realtor at all. He did his best with what the bank gave him, which was a lot of red tape and delays. If I had more money to give I would make sure all these people had a bonus from this sale... But I wouldn't be buying a REO if I had more money either.
Now the bank on the other hand... If someone out there is thinking about buying one of these REO properties just know that the bank is not in a rush... They don't hurry, and they go through a LOT of b.s. before they allow anything to go forward. So just be warned that buying one of these properties can take an excruciating long time. I guess from what I hear 3 months isn't that long to wait, but when all I was waiting for was paperwork every time there was a delay, it seemed like forever. And keep in mind that whatever realtor has the property is not at fault for what the bank does or doesn't do.
I guess I shouldn't bash anything until I sign the paperwork... But they can't squeeze blood out of a turnip, and selling a house they listed for 48,000 they really shouldn't expect to. But then again... We'll see. I don't sign until tuesday. Let's hope my uhaul only has to stay rented for 3 days.
Oh and what I should have said first. I thank God for all my blessings. This experience has made me appreciate having a home, wether it be rented or owned, someone else's or my own. It's something I should have kept in mind this whole process and it would have been a whole lot less stressful. Thank you for that lesson God, because it almost slipped by me and I wouldn't have learned the most important thing about it all.
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