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5 Reasons Why You May Not Want to Buy A Foreclosure
5 Reasons Why You May Not Want to Buy A ForeclosureIn my area, we are finally seeing a small decrease in the number of foreclosure (REO) properties sold. Given the state of the economy and the ever-present and ever-threatening "shadow inventory," I’m not sure that the number of foreclosures sold is headed downward permanently. However, I do see another interesting trend -- buyers snubbing REOs! After so many years where buyers felt they had to literally lay down in the middle of the road for the privilege of buying a bank owned property, I am now seeing buyers simply walk away from the foreclosure purchase process, and I must admit it is refreshing to observe.Here are 5 reasons why you may not want to buy a foreclosure:1) Mandatory bank pre-qualification. You see this a lot with the big banks: Bank of America, Wells Fargo, and Chase, in particular. For the honor of bidding on their maintenance -deferred, non-performing asset, buyers are expected to fork over all their financial information, take a hit to their credit with an unnecessary inquiry, and hold a straight face while a salaried employee of the bank explains why despite the bank's reportedly poor loan processing timelines, they should switch lenders based ... more
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