Buying A Charlottesville Foreclosure - Who Is On Your A Team?
With all of the talk in the media about foreclosures, many people have gotten interested in possibly purchasing a bank owned property. But what is important to consider before making an offer on a Charlottesville foreclosure?
- This is not the same as your traditional real estate transaction. For this reason it is important to choose a real estate agent who has experience getting foreclosure buyers successfully to closing. You agent will need the knowledge to guide you through all of the steps of the process. There is the strategy necessary in constructing the offer, such as what are the banks looking for. Then you may be in a multiple offer situation and have to submit highest and best. If yours is the offer that the bank accepts to consider, you will have special bank addenda to fill out. And that is before all of the steps to get the contract to closing.
- The second member of your team is your lender. It is crucial to have a lender who is responsive and accessible. When a foreclosure gets to a good price, offers come in quickly. This might be on a weekend. You will need a lender who answers his phone on a Saturday and Sunday and who can get you a preapproval letter quickly. In addition the banks often require shorter loan approval and closing times than many lenders are used to working with. Your lender will need to tell you realistically what his bank is able to do and then he will have to work hard to make sure that it happens within the deadlines. There are often perdiem penalties if closing is delayed through any fault of the purchaser.
- The final member of your team is the attorney. You will want to have real estate attorney who is also experienced with foreclosure transactions. There are many things that will need to be carefully researched and it is also helpful when your attorney is used to working with the attorney's on the bank's side.
- Depending on the property, you may need additional team members such as a home inspector or a builder. Like everything else in a foreclosure purchase they will need to be able to be available within a short time period.
If you bring your A Team, you will have a successful experience buying a Charlottesville Foreclosure.
Copyright 2011 by Pam Dent all rights reserved "Buying A Charlottesville Foreclosure - Who Is On Your A Team?"