FORECLOSURES IN LOUDOUN COUNTY VA. NEWS FLASH FOR HOME BUYERS SEEKING THE DEAL OF THE CENTURY WHEN CONSIDERING A FORECLOSURE - THE BANK DOESN'T CARE!!

Reblogger Judy Luna
Real Estate Agent with Keller Williams Market Pro Realty

The blog below is for another part of the country, but it also holds true for foreclosure properties in Fayetteville and NW Arkansas. The BANK DOESN'T CARE. Thus if you are a buyer looking for that "deal of the century" in a foreclosed home, take heed to what this experienced buyer agent from Maryland has to say.

Original content by Lenn Harley 303829;0225082372

FORECLOSURES IN LOUDOUN COUNTY VA - HELP FOR HOME BUYERS.

NEWS FLASH FOR HOME BUYERS SEEKING THE DEAL OF THE CENTURY WHEN CONSIDERING A FORECLOSURE - - -

THE BANK DOESN'T CARE!!

BUYING FORECLOSURES IS NOT THAT DIFFERENT FROM BUYING A HOME OWNER SALE.  Except that can be a lot easier, if home buyers will let it be.  Why???

Because the bank owner seller has no emotional attachment to the property for sale.  In the minds of the bank employees who process these sales, REO sales, a property is merely an "asset".  It has never been their "home".  The don't see the property.  They deal with documents and numbers. 

Because the bank-owner has obtained expert real estate professionals to provide them with valuations for that property based on viewing the property, comparing the property to other recent sales and then price that property without any emotion, without any interest in the opinions of neighbors.  Banks don't really SELL properties in their portfolio, they DISPOSE OF ASSETS.

Because the bank owner doesn't have to remove furniture, pack up to move, etc. and is interested in closing the sale and "disposing of the asset" as quickly as possible

Because the bank will already have performed a title search when they foreclosed and will convey clear title at a lower cost to you, the buyer closing will be less costly if you agent isn't trying to steer closing.  Closing on a foreclosure is not going to be threatened by last minute title problems seen on home owner sales such as tax liens, negative equity, short sale approvals, commercial paper liens, undisclosed equity lines, seller bankruptcy filings and other problems often associated with distressed property sales by home owners.  Don't fight the bank when they want to pre-approve your ability to buy.  Often the bank will offer advantagous financing.  Look at the bottom line. 

THE BANK DOESN'T CARE!!

Home buyers who seek to buy bank owned property for sale, otherwise known as REOs or Foreclosures, often believe that, because they are foreclosures, the buyer can buy that property for a fraction of the list price.  Rarely is that going to happen because. . . . .

The property is priced with input from experienced real estate agents or appraisers. 
The price is generally ALREADY DISCOUNTED from market value when listed.
The average home buyer is buying a home in which to live, not for investment.
The home buyer who needs financing is competing with CASH INVESTMENT BUYERS.
The average home buyers often offer low thinking they can negotiate the price down from list.
Home buyers who believe that a listing agent will advocate for a lower price are wrong.

        THE BANK DOESN'T CARE!!

THE BANK DOESN'T CARE.  The bank officials who manages the Asset Disposal Dept. has never seen the property.  They have no emotional attachment to that house.  Bank employees rely on their experts for pricing information.  The bank does not HAVE A MORTGGE PAYMENT COMING DUE and can hold the property on the market until they get an offer that will produce an acceptable net proceeds.  

THE BANK OWNER HAS A BOTTOM LINE THAT THEY HAVE ALREADY DETERMINED THEY WILL ACCEPT.  Home buyers who think that the bank is interested in disposing of that asset at any cost are simply losing time giving competing buyers an opportunity to present an acceptable offer.

If you find a bank owned property that you wish to buy,


Pay attention to prior sale prices in the neighborhood. 
Don't expect to discount the price for condition, the bank has probably already done that.
Make sure that the bank has title and can close quickly.  Many bank owners will not make repairs.  Some will.
Ignore friends and relative who say you can get a foreclosure for a fraction of list price.
Make sure the offer is complete with a good pre-approval letter from a lender who can fund the loan.
Plan on a 30-45 day closing but get inspections done quickly.
Present a clean offer with as few contingencies as possible. 

Don't ask your agent to contact the listing agent for daily status.  The banks don't work that way.

If a home buyer is interested in buying a home as a discounted price, considering bank owned properties is smart.  However, the buyer MUST be realistic and understand that the seller is a corporation that makes decisions by commitee with advice from expert agents, appraisers, attorneys and don't forget. . .

THE BANK DOESN'T CARE!!

 

                               Home Buyers

 

"Honey, I'm so glad we listened to our agent and made a good offer on this home.
"I agree Dear, our agent had the facts to show that it was priced right.  We beat everyone."

View ALL bank owned properties for sale in Loudoun County VA as of October 16, 2011 HERE.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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EXPERIENCED HELP FOR HOME BUYERS IN LOUDOUN COUNTY VA. 

NEVER A FEE TO HOME BUYERS.  Sellers (including builders) pay us 3% to sell
their listing.  Homefinders.com REBATES 1/3 or 1% to you (buyer) at closing.

LennWE CAN HELP!! 

CONTACT USWe are Loudoun County residents (Lovettsville) and belong to the Loudoun County Association of Realtors (DAAR).  We know the Loudoun County real estate market and understand property values, new and resales. 

Lenn Harley, Broker, Homefinders.com, 800-711-7988, Email.

More Loudoun County Real Estate information below, just click the title for more.

Experience counts and Lenn has been working with home buyers to help them find their home of choice for over 30 years. 

HOMEFINDERS VIDEO  

LOUDOUN COUNTY REAL ESTATE INFORMATION
Loudoun County Homes
Loudoun County Real Estate Tour

Leesburg Real Estate Information
Lovettsville Homes for Sale
Loudoun County New Homes
Videos on YouTube for Homes for sale in MD/VA
Homes for sale throughout Maryland and Northern Virginia
 


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Rainer
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Chandler Real Estate Liz Harris, MBA
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Foreclosed properties in Arizona don't get the normal disclosures so they are far from a regular sale.

Oct 17, 2011 02:07 PM #1
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