The Foreclosure Market IS the Market. Bank owned homes (also called
REO's) are saturating the Real Estate Market.
1) You are buying the
property "as is". In most cases the banks will
not do any repairs.
2) The California Residenital Purchase Contract will be amended. The
banks have their own contract you must sign or you will not buy the
property.
3) Time is of the essence. The banks Will expect you to do your
inspections in a hurry. They are all different, I have seen as little
as 5 days. Ironically it will take them the better part of a week or
two to get
a fully exicuted contract back to you.
4) In most, I said MOST cases the banks will not do any repairs.
5) Make your dicission weather you want to buy or not! If you
don't decide you might loose your deposit.
6) This might be the most important: Make sure you are fully QUALIFIED
by a major lender. Often times the bank will want you qualified by
their Lender. (This is especially true with Countrywide, They will not
look at your purchase contract without a PreQualification from
one of their agents.)
7) Along with your prequalification, have your paper work in order:
This includes FICO score front page, Bank statements to show your
deposit funds and a copy of your earnest money deposit check.
8) THE ITEMS LISTED ON LINE 6 and 7 WILL BE REQUIRED WITH ALL BANK
OWNED PROPERTIES.
9) Highest and best offer: MAKE SURE you give your best offer. The
banks will not counter your offer, they will only let you know if you
got the property. Most don't even have the courtesy to call and advise
the
property was excepted by another buyer.
10) Be prepared for a multiple offer situation. If the property is
newly listed and it is priced good it will recieve alot of offers. I
have had deals with 26 offers and I have heard of 90+ offers from my
colleagues. This is why your "HIGHEST AND BEST " offer is so important.
11) Be prepared to travel to sign your final paperwork.The escrow
company can be anywhere in California. Most of the time they are within
40 miles of the property. You can sign at a local escrow company but
this could add 4+ days to your closing date.
12) Most of the banks have a per diem. They will charge you and you
agent for every day you don't close the deal.
The fee can be any amount. I have seen $100.00 to $325.00 per day.
LASTLY make sure you have an educated REALTOR to help you through this
process. Weather it is your first home or an investment
call 805-660-8219 or
E-Mail US
YES WE ALSO
MARKET HOMES FOR PRIVATE HOME SELLERS
CALL 805-660-8219 OR E-MAIL FOR MORE
INFORMATION: CrazyForRealEstate@yahoo.com
VISIT
OUR WEBSITE
www.CrazyForRealEstate.com
Central A/C
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