Putting aside the obvious of who owns the property does your client understand the material differences in many cases between a foreclosure and a resale by owner ?
For the most part I have had to sadly re educate my clients about this.
Britannica Precise Encyclopedia definition of foreclosure
Read more: http://www.answers.com/topic/foreclosure#ixzz1Enq63Alf
The problem is many people don't realize that many of these are bargained priced for a reason. Your not going to get the taj mahal for pennies on the dollar. You have to be realistic about what your expecting. If you are looking for a bargain yes in many cases you will find that with a foreclosure but you can't expect to be able to renegotiate the offer on an AS IS contract after the fact because you dont' like the color of the cabinets or the fridge is missing. If the tile is cracked or driveway is not level does not mean you can get more of a discount than before. In some cases they are willing to listen but in most cases it is priced accordingly knowing the defects already. The inspection is what provides you the ability to get out of the contract within the allotted time if you dont' feel the deal is there. If the repairs out weighs the gain of purchase.
Please please please you can't expect to get a 500k house for 75K. It's just not realistic !
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