The last two deals I closed were both bank foreclosures and in both cases my buyers got a great value. The most recent was in a upscale gated community the house had lots of upgrades and had not been trashed even though a few appliances were missing all in all good condition. The property was built in 2006 and sold for $1,300,000 the house has five bedrooms, four and a half baths, marble floors, pool, spa, impact windows located on large pie shaped lot.
We put in our offer of $455,000 and it was accepted and here is where the fun starts. After the contract was signed by both party's with eight pages of disclosures the listing agent assigns me to her assistant. After speaking with the lender she assigns me to her assistant next my first contact with the title company for the bank now assigns me to her assistant. No wonder nothing goes with out errors.
Not taking any chances I had searches done to see what liens were still not satisfied there were HOA fees, none compliance fees total more then $85,000 the bank had negotiated done to $8,000 but had not paid them yet. The bank requires you fund 48 hours before closing so they have the money. Morning of closing we did are walk through as we were driving to closing the city called to say the the liens had been satisfied.
At the closing the HUD was incorrect which I had bought to their attention the day before so we had a two hour closing to fix it. Then the closer did not have copy of survey, appraisal, commission check or keys to the house. She said I would need to call listing agent to get them. When we had left the house after the walk through I had taken the keys from the lock box after the closing presented them to my clients and advised they go change the locks. The listing agent never called to see if the deal closed and to advise as to keys to the property.
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