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investors: Foreclosure FAQ's - Part 5 - 12/18/06 03:17 PM
Here's the last part of the Foreclosure FAQ series.
I am an investor purchaser, why am I being told my deposit is non-refundable?
In 2004, several of our corporate clients adopted a policy towards investor purchasers, in essence removing financing and inspection contingencies. This in essence makes the investor purchaser's deposit non-refundable. This is due to several reasons: 1. The market is so strong there are generally multiple offers. In accepting the best offer, they will be loosing several other buyers if the first buyer fails to close. 2. It is a case of one or two bad apples ruining it for every … (4 comments)

investors: Foreclosure FAQ's - Part 4 - 12/14/06 11:18 AM
Here are some more FAQ's.  I'm almost at the end.....for now.
Is the Seller Negotiable?
This really depends on the bank that is selling the home. In the past year, we are finding that most banks do not have to negotiate or accept an offer lower than their asking price because there are buyers ready to give them their asking price. There are situations where a home may not be receiving market attention (i.e. it is on market more than 60 days and not sold) and then the Seller is likely to be negotiable.In the end, it is really no different than buying … (2 comments)

investors: Foreclosure FAQ - Part 3 - 12/13/06 01:12 PM
Here's a few more Foreclosure FAQ's that I get from buyers and other agent.
Doesn't the Bank or Mortgage company want to get this home off their books, after all, they are not in the real estate business?
Absolutely. However, as a rule of thumb, for every $3000 they reduce the price, they can keep the home another 30 days. Furthermore, it is our job to keep the Seller informed of current market conditions. They know the market is slow, particularly for repaired homes.  The Corporate seller is usually NOT considered a motivated seller until the REO has been on the market over … (7 comments)

investors: Foreclosure FAQ's - Part 2 - 12/12/06 11:37 AM
Here's Part 2 of a long series.  I have several FAQ's, but don't want to spend all day typing them here.
Can't I get a better deal purchasing at the Courhouse?Sometimes, but not often. In a hot market, there are generally in excess of 100 people bidding on foreclosed properties at the courthouse steps. Auction fever is common and veteran courthouse observers often shake their head in amusement at the prices being paid for some of the properties. Furthermore, properties purchased at the courthouse steps do not have title insurance. If there are any problems with the property title it becomes the … (0 comments)

 
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