A Good REALTOR is needed when buying a Foreclosure Property
If you are looking to purchase a foreclosure property in today’s market the first thing you need is a Good REALTOR.
Really! REALTORS are a dime a dozen, so I was told. Well I can’t argue with that, I said; and after pausing for his reply, we started laughing. On a serious note, I told him, If you don’t have a Good REALTOR looking out for your interest, you could miss your dream home. There are a few Good Realtors out there, that informing “their clients” about property's that meet their criteria, as soon as they hit the market.
A Good REALTOR will gather your information, and then have all your documents ready to make a quick offer. And most importantly notify you by phone, text, email, hopefully provide a link to the property that meets your criteria as soon as it is listed.
Vital information a Good REALTOR should provide about buying a Foreclosure Property.
Foreclosure properties are being sold for under appraised value so loans are not difficult to obtain. But the foreclosure buying process is more complex, than dealing with a home owner selling their home. When you place an offer on a foreclosure property, a (POF) Proof of Funds letter is needed from your bank or lender. This letter is required when an offer is submitted, along with an earnest money check anywhere from 3-10% of the list price. Therefore, I urge all my clients to get pre-qualified or pre-approved from a lender as soon as possible before starting your home search. Let me explain why!
Buying foreclosure properties is very time sensitive; there can be multiple offers on the property within 48 hours of the listing going public. This is where a “GoodREALTOR” comes in. If “your REALTOR” is working for you, you should receive an emailed link with the listing within a few hours of the property hitting the market.
When Fannie Mae, Freddie Mac and HUD, post property are listed for sale they allow ONLY (owner occupants) to make offers for the first 15 days. If an offer has not been accepted, on the 16th day the offers are opened to Investors, and trust me when I say; they are waiting to make their offers.
So contact a Good Realtor in the area you are looking to move.
I have been using this line for years and its working for me. But that’s another blog.
I want to earn your business, and gain your trust as “your REALTOR.” You see I want you to think about me every time the real estate subject come up and be confident to tell anyone that “yourREALTOR” will offer them quality service.