This Sulphur LA Home SOLD for $83,500
This Sulphur LA home for sale was a Fannie Mae Foreclosure. The Contract was written in February and we just closed on May 16th! Why do foreclosures take so long to close and what can Buyers expect?
When you are buying a foreclosure the human touch is basically removed from the process. You are dealing with a lending machine (the bank) Your timelines mean very little to the bank. Their timelines mean everything. You could sit and wait for a response from the bank forever, but once they respond then you are on the clock to perform.
When the Buyer makes an offer the Bank will require the Buyer to complete their own 30 page Bank Addendum. Buyers need to be patient and not be in a hurry to close. The bank will be using their own Title company and prior to closing will have to review the HUD settlement 72 hours in advance. It is also wise for the Buyer to obtain an Owner's Title Insurance Policy when you finally do close.
This Sulphur home looks to be in pretty good condition and had a stove which most foreclosures don't always convey with.
During the Buyer's inspection it was discovered that there were plumbing issues. The problems stemmed from the house being closed up for a length of time so the gaskets had crumbled with most of the plumbing seals.
The Buyer's were patient and will make the repairs on their own now that they have closed on this Sulphur home 4 months later and endured Title problems and playing by the bank's rules. The closing was scheduled 3 different times and the Bank was in no hurry even after instructing the Lender to send out closing Docs for the first closing!
Foreclosures are not always easy and can be risky if a Buyer is obtaining financing. If you are patient and don't need to move in right away or make major repairs, then a foreclosure home may be worth your time. (This is usually not the case for most buyers.)
By the time a Buyer gets to the closing table you and the Buyer will feel like shouting hooray we made it!
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If you are planning a move to or from the Lake Charles, LA area, I can help! I am a full time Realtor licensed by the Louisiana Real Estate Commission and am affiliated with:
Century 21 Mike D. Bono & Co.'s
4410 Nelson Road, Lake Charles, LA, 70605 USA
337-478-1578 or 337-499-9592
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4 Comments on Finally Closed on a Foreclosure in Sulphur LA
Marilyn
Congratulations on the sale and closing.
Good luck and success.
Lou Ludwig
Whew! We sure earn our money on these foreclosure deals. Congrads!
Great job Marilyn. Such a cool picture of your clients at a very exciting time.
Cal
Congratulations on another successful closing. That is no small feat these days with all the hoops we have to jump through to closing. Your buyers look very happy and I hope they will be clients for life with lots of referrals.