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Wise choices when buying Distressed Properties

By
Real Estate Agent with Atlanta Metro agent with eXp Realty 56317

Making a wise choice to purchase while we can is critical these days. Interest rates have never been lower and the deals are everywhere. But it is very important to understand the process.

Short Sale: The process a seller applies for when they are facing hardship in meeting their resposibility with their lender(s). In this, the seller has the opportunity to sell the property while the bank takes a loss on the balance due. Some people believe the short sale means it is a short sale based on time. This may be true in some instances, but must of the time it takes a longer time. The seller will accept almost anything in an offer, however it is very important to keep the offer in a range that the current lender might accept. Disappointment happens when the offer is too low, too much time rolls along and then the lender turns down the buyer's offer. It is very important that a knowledgeable agent price the property to not only sell, but to also attract the bank's approval. Regardless, the buyer should get a great value if they have the patience to wait out the process.

REO properties or Bank Owned: These are  one in the same. Usually the bank has aquired the property during the foreclosure process. The nice thing about this is the buyer knows what to expect or at least very close to it. Many times properties are not only sold at a lower than normal price, they are also refurbished with new paint, carpet and even appliances.

So make a wise choice when looking for a foreclosure. Know the process and remember as a Certified Distressed Property Expert, I can help.

Tony Williams
REMAX Unlimited
404-644-8584CDPE
tonywilliams@remax.net
Twitter: tonywilliamss

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