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Take a Guide on Your Hunt for Real Estate Bargains
There are two seemingly attractive options for home buyers scoping out a real estate deal. One type is the “short sale,” where sellers have made an agreement with their lender to sell the home for less than they still owe on the mortgage. The second type is the REO (bank-owned) home, which has fallen back into the hands of the lender after the sellers defaulted.
These properties may be appealingly priced, but home buyers need a strong stomach and smarts to take proper advantage. If you’re considering a short sale purchase, concentrate on those properties with a price that’s been pre-approved by the lender. Otherwise, you may waste precious time in negotiations that may still ultimately fail.
Also seek out home foreclosures that are protected by the Cash For Keys program, which offers the current (or former) owners a cash incentive to prevent them from neglecting the property before vacating it. Either way, inspections are crucial, especially if the house has been vacant for some time. Talk to your agent about having the utilities temporarily reconnected for the inspection, so you’re sure all is in working order.
And finally, don’t focus on the asking price alone. Location in a declining neighborhood ... more

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