Buying a Home - Is a Distressed Property right for you?
Great information for buyer's that are considering purchasing a short sale or foreclosure property. It can be done, successfully, but having patience, perseverence, and a certified professional will help make the process go smoothly!
There are many misconceptions and unanswered questions for home buyers in today’s market when it comes to Short Sale and Foreclosed homes. The media inundates us with the fact that there is an abundance of homes available, but provides very little actual “how-to-buy” information. As an Accredited Short Sale and Foreclosure certified resource professional, I can assist you in the process of determining if a distressed property is a purchase for you to consider. Foreclosure is a process, with buying opportunities at each stage.
While distressed sales are a sad fact of the real estate market, no one wants to see a homeowner lose their home. And although these properties present unique opportunities for buyers, you need to determine whether you are a candidate for such a purchase. It is important to learn all you can about distressed properties, and here are some points and questions to consider:
Alternative Buying Options - Is a distressed property right for you?
STAGE 1. PRE-FORECLOSURE –
A period of time that begins with the initial mortgage default and ends when
the distressed property is sold.
STAGE 2. FORECLOSURE SALE –
When the property is auctioned to the highest bidder, someone who also
meets the terms of the sale.
STAGE 3. REO (REAL ESTATE OWNED) –
If a foreclosure sale is not successful, property ownership is transferred to
the lender.
WHAT IS A SHORT SALE?
This is a situation in which a seller owes more on their loan than a sale of the property will produce, and they are unable or unwilling to make up the difference at closing. The seller may or may not be in pre-foreclosure. Banks may consider a short sale to a new buyer to reduce their losses.
QUESTIONS TO ASK YOURSELF:
As your buyer’s representative I can give you specific guidance based on your situation and the type of distressed property you want to purchase. But for starters, consider these questions:
1) Are you flexible on timing? Can you make a quick decision and/or accommodate months of possible delays?
2) Is your purchase limited by any contingencies, such as needing to sell your current home first?
3) Have you already secured financing?
4) Do you have resources to repair and rehab the property, if needed?
5) If you are buying the property for investment purposes, what is your action plan? Do you intend to rent or resell? Or perhaps inhabit the property until market conditions improve?
NEXT STEPS:
As your buyer’s representative I can assist you further in answering these and other questions which will help you determine whether this path to homeownership is right for you.
The Accredited Buyer’s Representative (ABR®) designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of REALTORS® (NAR). To learn more about REBAC and access various homebuyer resources, please visit www.REBAC.net.
Lisa Von Domek
BROKER/ASSOCIATE, ABR, AHWD, ALHS, ASP, CAPS, CDPE,CGP, CMS, CRS, CSP, GREEN, GRI, PS, QSC, SFR, SRES, TAHS, TRCLisa Von Domek & Associates, LLC / Real Living Real Estate Group
Phone: 972-572-2882 Fax: 972-572-2882Email: Lisa@LisaVon.comWebsite: www.LisaVon.com
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