Are foreclosures bargains? No question they can be but they are not easy to close. As more and more foreclosures are stacking up, lenders are overburdened. Dealing with the asset managers can be a long drawn out processes. Recently I had two deals go away because the asset manager had not responded to an offer for over two months. In both cases the buyer ended up resigning a lease. Lesson learned.
Problems with the foreclosure market include getting utilities turned on, inspections down, repairs made and countless other problems. The seller agents have so many listing and have a difficult time getting responses to offers.
What can you do? Have your clients make an offer on a property that has already received an offer. The bank has gone through their process and will move much easier. It is possible to close these within 30-45 days. Otherwise expect 60-120 days.
Hope this helps
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