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How do we prepare our Buyers for Distressed Properties?

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Real Estate Agent with Exit Professional Real Estate

1. Have the money before you shop. Most owners of distressed properties will not or can not accept contracts with a mortgage contingency clause.

2.Prepare them mentally. Let them know there will be delays, aggravations and red tape and neither the sellers agent or the buyers agent can speed the process up. It will progress only as fast as the Lender allows it to.

3.No contingencies. This will usually cause the offer to be rejected.

4.Having some flexibility with the condition of the property.There could be many components that need to be replaced or repaired. It does not matter to these companies.

5. Be prepared to make an offer. You see it is a great deal be prepared to make an offer on the spot.

6. Buying the home at the bottom of the market. Something to think about. The bottom of the market is not determined until months after it has hit bottom.

7.Quick closing. Be prepared to move fast and furious as most companies want to unload the property. They usually want you to close 30 days out.

8. Do inspections. The company will not replace, repair etc after the inspection but this gives your Buyers more information about the house and they can decide if they can handle all the house has to offer.

9. Examination of title.  It is recommended that all Buyers do a title search competant title company or attorney vefore buying a distressed property.

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Nannette Hilliard ABR,CDPE,CRS

Green County Wisconsin Real Estate

 

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