Share your bank foreclosure buying stories?

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I’m just trying to get an idea of what it will be like to deal with the bank on a foreclosed home.

Also, does anyone know or have worked with Federal Home Loan Mortgage Corporation? Would anyone know how they operate? We are trying to get the bank to replace the roof on our soon to be new home. We just had our home inspection and there are several visible holes (two of them are 6×6 holes) in the roof that can be seen from the attic. Now I would think the bank would have to fix the roof because no other bank would actually lend money on a home with such a bad roof right?

Just trying to get other people’s experiences and opinions with buying foreclosures.

1 Comment
  1. Reply
    Tiff *TTC#1*
    May 16, 2011 at 4:36 am

    I’m in the process of buying a foreclosure home with my husband right now. Haha it is not fun. It’s been about 7 weeks since we’ve even heard anything. Hopefully it won’t be too much longer. It can take months to close on a foreclosure. (I’m also a realtor)

    I haven’t had any experience with that company but if a bank won’t allow the loan on that house because of the roof and the bank won’t fix it.. They can red tag the house so that it can’t be sold to anyone until it’s fixed. So the bank may be obligated to fix it. Some houses are sold as is though and I’m not sure how exactly the roof would be tied into that.

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