Foreclosure Purchase

By
Real Estate Agent with Sun Rise Real Estate

Many buyers request information about Foreclosures but the fact is that most of the Short Sale and Foreclosure properties were purchased during the "real estate boom" which means their posted Asking Price may be higher than today's market / appraisal value.   Also there have been numerous cases of home equity loans or second mortgages that were unknown to the primary mortgage lender so the deed could not transfer to a new buyer.

A buyer who has done their homework knows they need their own agent to help find out as many details as possible about any Short Sale, Bank Owned, or Foreclosure.  There are fantastic properties available for less then market / appraisal value and when a buyer realizes the potential they can gain equity immediately.  There are mortgage lenders that never tried to help the original home owner avoid Foreclosure and they treat potential buyers the same way.  Then there are Agents for the mortgage lender who are only concerned with how much they will receive from any transaction.  I had one of those cases where after submitting an offer on a foreclosed home to the Bank's real estate agent, who had said there were no other offers pending, another offer suddenly appeared and was accepted by the bank. I'm waiting to see what shows as the actual purchase price after that house goes to closing because I have a strong feeling that the other offer was accepted because the Bank's real estate agent found his own Buyers and wanted the full commission. 

Today was a better foreclosure experience, with a Mortgage Lender that was willing to negotiate and their real estate agent who worked as hard as I did to gain a ratified purchase contract for my Buyer client.

 

 

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