Are Foreclosures HARD to buy?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

What is the best deal in Real Estate today asked a local investor? The answer was buying BANK OWNED HOMES. But how do you d it they asked. There is auctions, and listed homes, unlisted homes and so many banks. So much risk? Where do I start?  

 

 

Here in the Manchester NH Area, there is a slow and steady flow of foreclosures. Some make excellent purchase for investments, but only if you know what you are doing. Not all agents are familiar with or experienced with Bank Owned Homes, also known as REO.

 

 

 

 

 

The first way to buy a foreclosure is at foreclosure auction. This is the most risky way as the sale is cash, AS IS and no contingencies. The buyer is responsible for all liens and additional mortgages, so doing doing it right is a must.

 

The most common way people buy bank owned homes is after the foreclosure takes place. The bank takes the home back. Nearly all bank sales are handled by asset management companies who then hire a local and approved agent to list and manage the sale.

 

A home is listed, then often there is a deal while it is cleaned out and appraised. Good REO agents will get their buyers in to preview bank owned homes during this time. When they set a price, they can submit their offer promptly. Many investors hire a local and well experienced buyer agent to assist in all their purchases. 

 

The most important lessons are bank owned sales are AS IS. Most banks will not fix anything, they will not renegotiate after an inspection if they  even allow one. Most are no contingencies and cash only on a quick sale. Most successful investors inspect the home prior to making any offer. 

 

THE SECRET OF SUCCESS and the key to having a successful purchase of sale, can increase simply by choosing a better agent. The secret is, that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.

 

    

                                 

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

 

We stand by you through every step in selling your home
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Comments (20)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

The buyer will need to analyze purchase price along with rehab costs to determine a good deal or not

May 27, 2017 06:33 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I think short sales are hard to buy, but I'll do foreclosures all day long... no emotion involved... just numbers.

May 27, 2017 06:35 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home buyers will read this post.

May 27, 2017 06:53 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Foreclosures are not for everyone, but we have done very well investing in them over the years.

May 27, 2017 07:04 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

You are so right. Not all agents are familiar with REO's. In Manchester NH, the best choice is Scott Godzyk!

May 27, 2017 08:21 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

There is no doubt that anyone in Manchester, NH looking to buy a foreclosure should be hiring you.

May 27, 2017 12:29 PM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - While an experienced agent is a must, REOs are often great opportunities, and not that much different from a conventional sale. Due diligence is important for all sales.

May 27, 2017 03:55 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

This is a valuable post with much information about purchasing foreclosure or bank owned properties.

May 27, 2017 05:14 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It can be a little tricky but I wouldn't say either way is hard. Regardless an good agent like you can help a buyer get the job done.

May 27, 2017 08:29 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective home buyers.

May 28, 2017 09:12 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment Roy

May 28, 2017 03:24 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment Debbie Reynolds it is not hard when done right, but can be an expensive lesson when done wrong

May 28, 2017 03:24 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment Myrl Jeffcoat , i find myself still doing many

May 28, 2017 03:25 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

There are some great deals when done right riht Dick Greenberg , but many done wrong will find an expensive lesson

May 28, 2017 03:26 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the kind words and comments Chris Ann Cleland 

May 28, 2017 03:26 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment and kind words Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 . I can say i have done so many it is instinct and a part of real estate i enjoy. It is always filled with adventure that is for sure. The investors i work with are doing well also

May 28, 2017 03:28 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

With some research and know how one can do well Bob Crane 

May 28, 2017 03:29 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I do too Gita Bantwal , it would be nice to get featured once in a while to spread the word more but that is not been happening the last few months. 

May 28, 2017 03:30 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Exactly Nina Hollander and why investors do well, no emotion, just facts with numbers

May 28, 2017 03:30 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Many do not know where to start Harry F. D'Elia and where i can show them, explain it and give the facts

May 28, 2017 03:31 PM