Foreclosure questions

[Supa Dexta]

Couple questions on what I'm finding out.

>You need 10% down, the day of the sale, and must have the funds with you.

>edit> 20 days to get the remaining money in order.

> To get a mortgage you need a water test and home inspection

> But without paying for the home in full, you don't have access to the property to get the tests done..


WTF.. How are you supposed to work this out.. Should the bank holding the foreclosure give you access to get those tests done, so you can get the funds in order? And even then you only have 20 days to get everything in order, or risk losing your 10% I assume.

[barmanjay]

Interesting

I have not seen a lender lately actually requiring a water report or home inspection,.. interesting.

Access to the house is solely dependent on the occupants or a court order with escort if the tenants are being unruly and the info is absolutely required.

I'll give you info to a mortgage broker I know here who can likely help

[bignerd]

The only time a lender requires a water test is if the home is on a well or has a holding tank... usually rural properties.

Generally the seller will give you access to the property to have the inspection and water tests done. (If a bank or court owns the property they will usually order the tenants or evictees to be to let you have access to the home in order to complete said items as it is required for the sale).

Shouldn't take more than a couple days to have either inspection/report done.

[Supa Dexta]

Yes its a rural property.. I've also been reading I may need to contend with evicting the previous owners...

That could be a major fuk around.

[Pacman]

Are the tenants usually evicted before your write an offer?

What if you view the home with the tenants still living there, and everything looks great. Then, you submit an offer and the tenants trash the place?

[Supa Dexta]

You dont write an offer.. You go to the court house and they have an auction, you put down your 10% and then have 20 days to secure the rest, or lose your 10%. You also can't usually view the place..

And hope for the best on ppl leaving.. I called the sheriff and he's said its not usually an issue.. But he will come along with you, if you ask, just to scare them into leaving..

The horror stories out of the states, say people will remove all the wiring and pipes for copper scrap, or lite the place up/ or flood it if they are pissed.

[barmanjay]

20 days is a long time

Should only take a few days for the water test


"if" you win,take the sherriff down the next day and get a water sample ready.

Ask what companies around do water testing now and get prepared. Find out what kind of container they need,..how much water and etc....


Do they require a flow test if its a well?

Septic field or tank or combo?

[Supa Dexta]

Yeah its all being put in place.. My biggest issue at the moment is the down payment.. I have to prove I've had it for 30 days, which I have, but its been between several accounts, one of which, a business account.. So I have to see if they'll accept what I'm showing them. Having only just put it into one account, if they start the 30 days from that moment I cant go ahead with it, it would only leave 4 days of the 20, and I have to pull it out for the sale much before that anyways...

[anothers10]

Most of the water tests take 3-5 days in NS. If there is no treatment system or even a basic uv light with filter it will probably fail the water test.

They wont do a flow test, they will just take a sample from the tap.

[Supa Dexta]

So you just go into it expecting it to fail? Or do I run it thru a brita first?

I actually havent heard mention of a water test again. And the appraisal may be able to be a drive by since it was MLS listed.

[anothers10]

It may already have some kind of water treatment system in the house. All you need is something like this

http://www.homehardware.ca/Products/...terilizer_5gpm