For many people the idea of buying a home is out of their normal element.  Many will be first time home buyers and they may be a little out of their element. Wanting to explore new territory but are uncertain of how to best approach it.  Sort of like a white tiger diving for fish.

      DO YOU DIVE RIGHT IN..OR CAST A WIDE NET?

        Foreclosures and Short Sales are not for everyone.

      The process can be very long, and frustrating.

      You may have to make multiple offers on many different 

       properties before finally landing one.

      This process requires patience. 

DIVING IN AND GOING FOR THE KILLER DEAL

The process for purchasing a bank owned property is simplified from the buyers viewpoint. The bank has already taken control of the property, and is looking to liquidate it as quickly as possible. Often they are priced at discounted Market Prices which attract multiple buyers shopping in specific price ranges. These prices are based on comparable properties and market conditions, location and condition of the home.

Typically, homes priced under $100,000 have the most competition at least in my market of St. Cloud, Florida(Central Florida) often these are smaller homes, and are in need of some repairs, but not always.

For more competitive buyers this is good alternative. 

The trick here is to not negotiate yourself out of a deal.  Keep it simple.

 Did You Know...SALES AT 97%-103% OF ASKING PRICE  on these properties is normal. 

Loading your offer with conditions will put it in a less favorable position when compared against competing offers on the same property.

Make a good solid strong offer your first time. 

WHAT WILL YOU NEED?

BEFORE you begin previewing homes you will need to consult with a mortgage lender.

Usually this service is free, and any commercial bank, or mortgage company can assist you.

Based on what you earn and  how much you owe (in debts)  and your overall credit worthiness

(FICO scores) they can easily and quickly determine your borrowing power.  They will give you a limit.

Ask them for a Pre-Qualifying  or Pre-Approval Letter

The letter will be needed once you have found the home which you intend to purchase. It will be included with your offer.  Most bank owned properties will require this, in addition they may ask that you be qualified through one of their preferred lenders (which is also free) to verify you have the financial strength to complete the purchase.

MAKING A LIST

• Where Do you want to live?     
• Have a realistic idea of what type of property you want:            
• Single family home
• Town home
• Condo
• Vacation home
• Rental property

What can you  afford?

• Starter homes are usually smaller, and less expensive to maintain.  (Property taxes vary with size)
• Stay within your budget. 
• Remember you will need approximately 3% of the purchase price for closing costs.

 NEXT- Consult a Real Estate Professional.  You may want to call more than one.

         REAL ESTATE is LOCAL!   Florida for example is a big state (59,000 square miles) so it is important you refine your search to your desired area.  There are over 60 Counties here! Google can be very helpful.

       FIND A PROFESSIONAL WHO MAKES YOU FEEL COMFORTABLE OUT OF YOUR ELEMENT    

        HELPFUL TIPS  READ:> DON'T PAY FULL PRICE FOR A HOUSE...IF YOU WANT TO KEEP LOOKING FOREVER  

BUYING A HOME OFF THE CUFF OR BY THE SEAT OF YOUR PANTS- SIMPLE REASONS WHY BUYERS MISS THE MARK

 FREE LIST OF WHAT IS AVAILABLE IN YOUR PRICE RANGE -Contact me