Seventy-five percent or more of the calls I field each week are from buyers seeking a great deal on a foreclosed property.
And don’t get me wrong … there are plenty of them out there. The Coweta County Georgia area gets more than its share of bank-owned houses. And many of these REO properties languish on the market for a long time due to a variety of salability issues.
However, the houses that are in good condition that are priced aggressively move VERY quickly. The majority of buyers are seeking the move-in ready foreclosure in the best location.
So it is extremely important to have financing already in place and to be prepared to move quickly. There better-than-usual foreclosures can generate multiple offers the FIRST day that they’re on the market, so a buyer must be alert, diligent, and totally prepared to take the plunge and write an offer.
If there are multiple offers, the institutional owner may choose to deal with the best one. Never assume that the owner will call for “highest and best,” so make certain that your initial offer is the most that you are willing to pay
A real estate agent that is experienced in foreclosure sales can be very helpful and can provide guidance and advice based on experience, and that can lead to a successful transaction!
There are plenty of foreclosures on the market, but only a few of them are “keepers!”
So it is essential to be correctly poised and ready to take the leap!