Upcoming Foreclosures

I'm trying to buy a house in IL...why is it so difficult? Foreclosures/short sales?

I have been pre-approved and have contacted 2 real estate agents. 1 helped me put in an offer on a foreclosure and then never contacted me again to tell me the outcome or to even assist me in buying another home. The 2nd one met me at 3 properties (foreclosures) and the one I wanted to bid on (hud auction) she refused stating it would just end up going well over the list price which was then over my approval amount (identical home just went for 30K less). I've mentioned a couple of others well below my approval amount and she just replies that those are short sales and will take a very long time to close. Then, she sent me 6 old handy man specials to review in my price range when she knows I want a newer house. I then emailed 3 agents from the HUD website to bid on the auction house and none replied. Any suggestions on where to go from here and what is the major problem in trying to buy foreclosures/short sales?

Public Comments

1. I would suggest you to find a real estate agent with companies such as: Remax, Century 21, etc. When you see a home for foreclosure/short sale you like contact the lister who the home is under, work with them. Make sure you tell them the amount that the bank approved you for, otherwise they won't know what price range your looking at. If I were you, I would go personally to the agents that haven't called you back, and ask for them in the office to come talk with you. Tell them this: I have been trying to contact you and left several messages to you, and havent responded. I am interested in this home, and would like more information on it. I would like to have this home ready to move in by (DATE). Make sure you let them know when you would like to move in. Reminder! SHORT SALES PROCESS TAKES LONGER THAN FORECLOSURE, CAN TAKE MONTHS. Some foreclosures have quick move in's that just depends on how fast you want to move in. Hope this information has helped you!
2. we bought a home this month. it was about to be a foreclosure. It took the bank over a month to respond. we tried so hard to be patients with it. we also made a previous offer on a short sale, and it also took the bank a month till they accepted the offer. however, we had problems near the purchase day, and we didn't buy it. The whole process took us almost a year. viewing homes may take many months. our agent was an old lady with great experience. Your agent should send you a long list of what you are looking for. not just 3 homes. You should find another agent. foreclosures get picked up like hot cakes. So you need to have time for it, like be the first to make an offer, and view the home. it also means that your agent should be available almost any time. and send you all new lists. HUD homes most of the time need a lot of work. fixing and stuff. if you are buying a HUD home as an investment. its a good thing, but, to live in is not worth the headache. they also get picked up so fast, maybe that's why the agents didn't bother responding. Short sale homes are very good for a first time home buyer, since you don't need to fix, and it cost a lot less than buying move in ready ones from owners. But, it depends on the bank. sometimes the banks wont respond, because they don't want to sell at a huge lose. And they just keep grasping the home, looking for a better deal. and waste your time. I hope i was helpful wish you the best of luck.
3. It sounds like you are obviously not qualified to buy any of the houses you are calling on and all of these agents do not want to waste their time playing a game that will never end. Instead of deciding what you want, go with your minimum requirements and how much you can afford to buy and have one tell you what that will buy in your market. A fixer may be the best you can do with your budget. If you qualified to bid at all on a HUD home you are low income, and most of that inventory has been bought up.