IS BUYING A FORECLOSURE FOR ME?

The most frequently asked questions I get in today's market are: How is buying a foreclosure different than a normal Home purchase? Does it take longer? What do I do to get a list of foreclosed homes and how much does it cost? First of all no money need be spent to obtain a foreclosure list. Most foreclosures are in the MLS , simply go to www.relocateaz.comto get a free, customized to your criteria, foreclosure list. Secondly, purchasing a foreclosure is very similar with a few exceptions. Usually the bank will do no repairs to the property but I have seen exceptions to this, especially in the area of termite treatments. The buyer is entitled to a home inspection and can cancel the transaction if the home appears to need extensive or expensive repairs. It is very important to do a thorough home inspection to know exactly what you are purchasing. A bank owned property can usually close in the same amount of time as a normal home purchase (about 30 days from contract acceptance).Many people confuse bank owned properties from short sales which can take several months. We will talk about short sales in the near future. Bank owned homes have several pages of addendums to the purchase contract that a normal purchase does not, but do not be afraid of these. These addendums are to protect the bank from liability as they have no or very little knowledge of the property or its history. Most of the addendums from the banks are similar in nature. Some banks have heavy penalties for not closing on time so make sure you have a Realtor experienced in selling foreclosures to help you understand the process. A Realtor that has experience in working both the listing side of bank owned properties as well as the buying side is an added bonus. For further answers to your questions visit me at www.relocateaz.com .