LOUISVILLE KENTUCKY HOMES FOR SALE- BUYING FORECLOSURES

EVERYONE WANTS A DEAL

           Short Sales ( property sold by the owner with bank approval)

Pre-foreclosures ( property sold by the owner before the master commissioners auction)

Foreclosures (also called REO- real estate owned by the bank)              

         HUD ( real estate acquired by the Department of Housing and Urban         Development through a FHA insured loan foreclosure)

Distressed sale vs. normal sale conditions

SHORT SALES/ PRE-FORECLOSURES - Lender must agree to take less (short of the payoff) than the buyer will pay.  Often it is because the market value has dropped. 

Owner is trying to sell the house before the lender can foreclose on it.  Home owner is probably still living in the house and overall condition is better. 

Time is a factor in a short sale as negotiation could take weeks or months.  Submission of the offer package could take 4-8 weeks, then waiting for bank to get back, then when the bank finally agrees, they give you a 10-14 day deadline to close.  You really need to have everything in place to get the closing done on time.

FORECLOSURES - Lender has purchased the house at the Commissioner's Auction, taken title, assessed the property and placed it back on the market through a REO broker.

Foreclosures are often sold for less than you could have bought it through a short sale and the response time is often quicker from 1-7 days.

A low price will generate several offers and the lender will ask for your "highest and best," so you end up bidding against other buyers.  The good thing is that the answer comes quickly, sometimes the same day that the offers are due.

HUD PROPERTIES  - are priced at market price and offered on a ten day bidding period. Owner occupants are given priority in the bidding period. All bids are opened on day eleven and the bid is awarded to the bid that is the best net to HUD.

Foreclosures are great if you have

1 A larger down payment

2 Cash

3 Time to repair or remodel

4 You like fixing things up or have someone who can.

LOUISVILLE KENTUCKY HOMES FOR SALE-BUYING FORECLOSURES

 BUY LOUISVILLE KENTUCKY FORECLOSURES,REOs,BANK OWNED PROPERTIES,SHORT SALES,CORPORATE OWNED, DISTRESSED PROPERTIES,HANDYMAN SPECIALS,MOTIVATED SELLERS,HUD HOMES, HUD PROPERTIES, AS IS PROPERTIES

$8000 TAX CREDIT FOR FIRST TIME BUYERS     

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Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950

LOUISVILLE MLS      WWW.POUNDREALTY.COM

 Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!

     Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - BUYING FORECLOSURES*