winding your way thru the foreclosure process

So you finally find the property for your clients and it is a foreclosure. Well you pretty much have a 50-50 chance of that happening here in Frederick County MD because at least half of the listed properties are either Foreclosures or Short sales, and they have the best prices.

Here's what can happen, and this is happening to my clients now.

We now have an accepted contract on the property and start the home inspection. We get two thirds of the way through the home inspection and turn the water on. There is a leak. Since the house is Oil heat with a boiler we are pretty much done with the home inspection til the bank gets the leak fixed. That was 6 weeks ago. so they fix that leak only to find that there are more. Because there are more the bank wants multiple bids on fixing it. during this time the appraisal comes in with repairs needed (FHA loan). The house is 100 years old and has peeling paint and cracked glass. I had already discussed this with the listing agent before we wrote the offer so I was prepared for them to fix the issues.

The listing agent sent all the info plus bids on getting the repairs done to the bank, and we waited, and waited, and waited, and waited. We waited 2 and a half weeks for an answer from the bank. They wanted my clients to help pay for the repairs. we agreed to help a bit, and the work finally got started. We were supposed to close today. Well I just got word that the plumbing repairs are completed so we can finish the home inspection. I just hope there is Oil in the tank so we can check the heating system

Saga to continue...............