Buying Foreclosures - Buyer Tips

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/Lww

Many buyers are interested in buying foreclosures in hopes of getting a great deal. In this market there are plenty to be found and some are good deals, others may need more repairs than buyers are prepared for. Keller Williams has these helpful tips:

buying foreclosuresThe truth is: these markets demand most of the same things an ordinary market demands of buyers—only more intensely and pointedly:

  • Money: Buyers must be financially qualified and ready to buy. The best properties go quickly. Buyers must look strong to lenders.


  • Motivation: Buyers must be motivated to compete successfully. Keller Williams agents urge their buyers in this market to be clear about both their “motivating why" and their criteria for the property itself (size, location, condition, floor plan, etc.)


  • Location: Contrary to the rumors, prime buying opportunities exist in almost every neighborhood and price range.


  • Condition: Buyers should understand that repair costs are not necessarily large. The Keller Williams Distressed Property Buying Survey shows the average cost to repair to be $5,000—that’s less than 3 percent of the median purchase price in the U.S. today.


  • Expert Help: Finally, smart buyers know they need to be even smarter—they become a team with a local expert agent who knows local property, pricing, lenders, and the best listing agents. A strong listing agent can be a critical advantage in seeing a distressed property through from contract to close.


Are there great foreclosure deals to be found in your local market?


Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Groups:
Keller Williams 'Rainers
Foreclosures & Short Sales
Lancaster Real Estate
Tags:
buying foreclosures

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Rainmaker
1,282,430
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Some good tips on buying foreclosures.  Thanks for sharing on Active Rain.

Nov 14, 2012 10:11 PM #1
Rainer
234,647
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Great advice - some REO's are good deals and some are not for various reasons and a good realtor will guide a buyer to the best ones. Regards Dave

Nov 14, 2012 10:28 PM #2
Rainmaker
1,822,022
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I think I need to add "Make sure you get a Home Warranty " !!!!!!

Jun 09, 2013 01:51 PM #3
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Rainmaker
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Michael J. Perry

Lancaster, PA Relo Specialist
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