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HUDS, Bank Owned & Short Sales, Oh My!
First & Foremost you need to know as a home buyer that buying one of these repossessed homes take a great deal of PATIENCE. Unfortunately, banks are not in the "instant gratification" business. We are so used to things happening fast. When an offer is made on one of these homes, it has to pass through MANY hands. The banks are overwhelmed with work with so many foreclosures available for sale. Because they are NOT in the real estate business, many systems have not been streamlined to provide timely answers to home buyers.
If you are right for it and do not have a deadline that you must make your move in, you can get great deals but it will take patience on your part, and tenacity on mine. There is risk involved for you financially and a lot of work to be done when offering on a property such as this, and you need to be fully committed to your decision to buy and provide all documentation and sign all waivers needed. It is risky, many of these homes are sold as is with no warranty and no disclosures. Buyers for these homes sign many rights away.
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