Do you want to purchase a foreclosure in the Branson/Table Rock Lake area? If so, there are things you need to know to make your quest successful.
Remember, you're not the only person looking for a great deal. The competition is stiff and many of these homes receive multiple bids. Therefore, being prepared will mean the difference between making a successful offer that results in a contract or losing the home to another buyer.
The first step to being ready is to have a system in place to be notified about foreclosed properties. If you're the first to find the properties available, you'll have an edge over the competition. This is the easiest part. Just email me and put foreclosures in the subject line. I'll email you a list of all available properties and you'll also receive updates on new listings as they become available.
The next step is financing your purchase. You need to make arrangements for a loan prior to looking at property. Obtain a letter from a bank or mortgage company stating that you qualify for a loan up the amount the lender is willing to lend you. The seller will require a copy of this letter with the presentation of an offer.
If you plan to pay cash, you'll need a letter from your financial institution indicating the amount of funds you have to make a purchase.
And last, but not least, find a good Realtor to be your Buyer's Representative. A Realtor knows the procedures and requirements of closing a foreclosure. In addition, you'll need advice from your Realtor as to whether the home you are considering is at or below market value. Just because a home is a foreclosure doesn't mean it's a good value.
To find out more about foreclosures or other real estate, please email me or call at 417-337-4422.
Tammie Turner, Tri-Lakes Realtors Visit My Web Site
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