Hello Puyallup foreclosure Buyers!

Welcome to my blog, Thank you for the visit!

I've been swamped with calls lately from potential Puyallup foreclosure buyers that have been misinformed at best.

I've written this post specifically for buyers interested in purchasing a Puyallup foreclosure or pre foreclosure.  This post will cover something that you may not want to know, but it's information you absolutely need to know. 

Do you know the difference between a true foreclosure and a pre-foreclosure? 

Before you answer, please read on. 

Rather than focus on the  Puyallup Foreclosure term, you really need to acquaint yourselves with the correct terms used by real estate professionals.

Let's tackle the Short Sale- This is the pre-foreclosure opportunity that many co workers in your lunch room may have been telling you about.  Often times these homes are priced ridiculously low in an attempt to draw an offer, ANY OFFER, so that the agent representing the seller can begin the short sale process with the seller's bank. 

You'll find a lot of them in the Puyallup Real Estate Market.  Areas such as Sunrise and Silvercreek are lousy with them right now.  For those of you that may buy 3-5 homes in your lifetime they may look like a fantastic deal and sometimes they actually are.  The odds are decidedly against you.

Unfortunately, most often they present a bait and switch opportunity that you may not be able to capitalize on.  The agent representing the seller needs an offer to present to the bank, if you approach the seller's agent with an offer you run the risk of being used as a pawn for the seller's benefit.

What's the downside of writing an offer that will never be accepted by the bank?.....TIME.

Did you know that it may be several weeks before you hear back from the bank on your offer?

Did you know that there is absolutely no guarantee that the bank will actually accept the offer, even if it is full price?

Did you know that many Short Sales take 2-6 months to actually close?

There is no guarantee that our historically low interest rates will last that long.  What may seem like a great deal to you at 5% may not be such a deal at 6%.  Ask your lender about pricing for a 60-90 day lock, it isn't pretty.

Don't let yourself become a victim of the short sale fairy tale!  There are great deals to be had out there right now, but not all short sales are worth your time and energy.  Hire an experienced buyers agent that knows the ins and outs of the short sale process.  An experienced buyers agent will  have tactics that will increase your chances of actually closing and moving into your new Puyallup Foreclosure Home.   

To read more about successfully purchasing a foreclosure in Puyallup stay tuned for my next blog entry.  It's not a sales pitch, it's the truth and will save you both time and money.