TIPS FOR BUYING FORECLOSURES....

By
Real Estate Agent with Latitudes Realty

1. Work with an agent who has access to foreclosure information.
Many home buyers assume that all agents have access to foreclosure listings. It's important to ask.

2. Bank-owned properties generally close faster than short sales.
While short sales can be bargains, they also can take a lot longer. Some banks will negotiate in a timely manner on short sales, but most will prioritize properties they have already repossessed.

3. Always offer less than the asking price.
Don't assume that banks are firm on their price. Never hurts to ask...

4. Ask the bank to pay your closing costs.
The worst that can happen is that they say no. Sometimes buyers are surprised to find that banks can be quite accommodating when they want to.

5. Get pre-approved from the right bank.
When making an offer on a short sale, it's often strategically helpful to be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.

 

RISMEDIA, January 25, 2011

Posted by

All my Best,

Mia 

www.buypanamacityproperty.com

WWW.LATITUDESREALTY.COM

**ASK ME ANYTHING industry related...I am always here to help you, with a GUARANTEED 30 minute or less response time!

 

Comments (2)

Tom Robinson
Keller Williams Realty Kingstowne/Alexandria, VA Office - Fairfax, VA
Experienced Real Estate, Professional Serving No. VA and DC

In my area short sales have to be strategically lower priced as regularr\ sales are starting to compete in the market again. There are some real bargains in short sales and foreclosures but it is a buyer beware situation and we need to consult our buyers to make sure the proper inspections are done.

Jan 26, 2011 12:19 AM
Mia Pankey
Latitudes Realty - Panama City, FL

AGREED! Thanks Tom...

Jan 26, 2011 12:21 AM