Bank Foreclosures - Increase Your Chances of Buying that Bargain
Most of what you read today about bank foreclosures claims that the abundance of inventory is so over loaded that the buyer is destined to get a bargain. A seasoned investor makes his fortune on the buy, then renovating, holding and selling at market price. Seeking a good deal on a basic family home is another story. You need to be educated about area values and renovation costs. The banks do their homework and you have to do yours.
Hire a Realtor that knows the foreclosure market and make an intelligent bid. Most opportunities are missed because the potential buyer either underbids or waits too long to submit an offer and another buyer comes along makes a better offer. Although the regular real estate may be slow, the foreclosure market is busier. Expect to have competition. In the Lee County Florida market of Cape Coral, Fort Myers, Lehigh Acres, many buyers from all over the country and all over the world have been waiting for this opportunity to buy a property here.
Today's real estate market has no precedent. Listen to the experts and form your own opinion. Your Realtor may recommend a particular type of property, this type of property is expected to increase in value ahead of other types. Learn why lenders won't lend on certain properties, they may be cheap but if you're not a cash buyer, don't waste time on them. Getting a loan? A strong pre-approval is absolutely necessary. Today's mortgages differ from 2 years ago. Get the pre-approval before shopping for a house. Understand which factors to consider when making a bid; the more foreclosed homes on the market, the more pre determined the price will be. Be patient and ready to counter offer before you succeed in getting the property at your desired price, at a discount that is determined both the by the condition of the property and today's market.
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