I am an avid sports fan and when driving around mostly listen to sports radio. I know this is not the only station or medium that is used for advertising, but everyday i hear and ad spot of how luctrative it is for people to buy these foreclosure properties. The ad usually features 2 women talking about one of the friends new home that costs less than the other is paying for rent. I really do not have a problem with this part at all.
The advertisment is for a company that sells a lists of foreclosure homes in a specified area. This is what i have a problem with. You see, I have actually seen these lists and checked them against my local MLS. Yes, that's right. All the foreclosure properties on this list are actually listed with Realtors® and are available at no cost if you would simply contact a Realtor® from the get go.and that still is not my biggest problem with these compaines.
As I just stated i checked the status of alot of the properties on these lists and they are far from current. In fact close to half of the properties that they had advertised as available were either sold weeks to months ago or were already in the Pending process. They are charging for information that is not even current, and yet charging you as if they have all these amazing properties for sale wehnin fact they are long gone.
If you a consumer looking to take advantage of this part of the market here is some advice from someone on the inside.
Contact a Realtor® that has experience helping buyers purchase these kind of properties. you see folks the banks now if they want to sell a property for the most amount of $$$ in the least amount of time that need to list with Realtors®. A Realtor® has access to all available homes including foreclosures that they will provide to you at no cost.
Now here is the part that most people run into problems. Some of these properties may not be elgible for financing. they may be in good locations but if things like the roof, or furnace need to be replaced. Most lender will not back the mortgage. Also there are many investors in the market that are buying with cash in hand and willing and able to close fast.
This is where it will help you again to ire a buyer's agent to represent you so you will be assured the best information and advice available to you.
I hope this message finds you well and hope that it can of help to you, your family and friends, as I encourage you to pass it along to anyone that is thinking of buying.
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