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DrakeLAW, Lawyer
Category: Real Estate Law
Satisfied Customers: 746
Experience:  Attorney at Drake Law Firm PLC
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Can I purchase a foreclosed home from the bank that

Customer Question

Can I purchase a foreclosed home from the bank that foreclosed on the house without going through a real estate agent? Also based on the price of the home when purchased 5 yrs ago, what can I expect to pay. What closing costs are involved if purchased from the bank. In the state of Missouri, does the home owner have any rights of redemption to pay all back fees interest etc and still keep the home. Foreclosure to the owner was just done. on Aug. 11th
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  DrakeLAW replied 11 months ago.

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Expert:  DrakeLAW replied 11 months ago.

You do not need to go through a real estate agent. You should look at the value of the houses today not what they were 5 years ago. A lot of times you can get a little better deal with a bank-owned home. Especially if they don't have to put any money into it. The closing costs if purchasing from a bank are the same as if from a person. The fact that the bank is the seller does not change the transaction at all. You will still get a mortgage from another bank to pay for the house (unless you are paying cash). Homeowner has no redemption rights after a foreclosure.

Any further questions?

Expert:  DrakeLAW replied 11 months ago.

Sorry, I misspoke. In Missouri, there is a homeowner right to redemption. The homeowner must make this election with 10 days of the foreclosure however.

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