If you are interested in buying a foreclosed home in the Battle Creek area, there are certain points about the negotiating process you should become familiar with. Despite the importance of being organized, as I have stressed in my other blog posts, such as this one on 'Basic Steps to Buying a Foreclosure'.
Banks and mortgage companies, the large ones like Bank of America, Chase and Wells Fargo typically hire a third party Service Company called an ‘asset management company' to oversee the sale of the property. The asset management company hires a local Realtor to serve as the listing agent, and the property is placed on the market for sale.
Before that happens, however, they run the property through an evaluation period to determine its local value on the market. They hire other Realtors and appraisers other than the listing agent to evaluate the home and offer their opinion on what the fair market value, and the distressed market value is for that property.
With this culled information from the area, they determine a best course of action in order to sell the property quickly. Typically the home is listed at a distressed value, in order to sell it within 90 days, but not all the time.
Sometimes if the home is in very good condition, they will go with a fair market value. Sometimes if the condition is poor, they sell the home for a lower value than even suggested by their research. It all depends on the results of their investigation, and the instructions the asset managers are given from the sellers.
As a buyer, when buying a foreclosed home in the Battle Creek area one needs to inquire as to length of time it has been on the market, as well as condition and the neighborhood. Working with a local Realtor that is familiar with the foreclosure market is a good way to gain information on whether the home is priced correctly or not.
For more information on buying a foreclosed home in the Battle Creek area, give me a call at: 269-441-8182 or contact me through my website at: www.michaeldelaware.com.