Bank Owned Homes For Sale In Lexington KY - Foreclosure Homes
If you are planning now to look for bank owned foreclosure homes in Lexington KY, now is the time to start your research. Most all of these homes are listed with a real estate company once they go through a foreclosure process and are put on the market for sale. The bank will be represented by the listing agent. You should want to have your own representation with a buyer's agent. That way you can have your interests be kept in confidence.
Your agent will expertly guide you thorough the mountain of paperwork required for bank owned homes for sale in Lexington Ky and crucial deadlines that are imperative to keep you within contract and finish with a successful closing.
Some points to know before you jump in with both feet:
- You cannot have a house to sell as a contingency on the contract. Most of the successful bids are cash deals. CASH is KING!
- Most other contingencies are not going to be accepted either on foreclosure homes. So you won't have closing costs paid or a home warranty.
- Remember if you have to get financing like FHA or VA they will not give you a loan on a house that needs any repairs. Some of the sticky items for appraisers are: windows and doors must be functional w/ no flaky paint, GFCI electric outlets in kitchens and baths(outside too), steps into house within code, no mold, no leaky roofs or basements, etc.
- Your inspection might kill your deal. The bank most likely will not be making repairs. So prepare to be out the $300 - $400+ fee if it fails.
- If you have to obtain a loan, do all this work ahead of time and get a lender pre-approval. You will need this to do a fast offer.
- You will have to pay your own closing costs. Usually $3000 and higher. This is not a down payment.
If you are fearful at all after reading this, don't look at these bank owned foreclosure homes for sale in Lexington KY and just purchase well cared for homes on the market with sellers that will do repairs and help with closing costs(bank fees, inspection and appraisal costs, etc.).
There are many great homes for sale that you can get a good deal on. In our Lexington KY market the sell price compared to the list price is not a big difference.
In some areas the sale price is only 95% to 98% of list price. Days of fabulous bargains are over. The good part is that interest rates are still wonderful and there is no better time to get a home loan.
For more information and buyer representation to start touring homes please
contact Lizette Realty
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* Bank Owned Homes For Sale In Lexington KY - Foreclosure Homes *