| Buying a Foreclosed Property
There are definite benefits to buying a property that has been foreclosed. You should always work with a real estate professional that knows how to deal with these transactions. At Home Run Real Estate, our professionals are trained in this aspect of real estate. There is a misconception that the owner of the foreclosed property will not negotiate. That is not true. What the seller is looking for is a good buyer that can close. The offer in some cases does not have to be highest and best. The sooner you can close and the best financing can get a better deal. The offer must be complete- you don't want to have any missing documents. That's why it is important to work with an experienced foreclosure real estate associate. If you have missing documents in your offer the seller will move to the next buyer, even if your offer is higher. The seller in this type of sale is looking at how much their. They will help with closing costs and you can counter offer if they reject your first offer. Remember time is of the essence. Home Run Real Estate's experienced professionals will make sure you know what the property value is before you make your offer. You do have a right to an inspection.
There are also HUD properties available. These properties were foreclosed by FHA, a government insurance program. These properties are sold using sealed bids. The properties are first offered to buyers who are going to occupy the property for at least 2 years. If they don't sell then the biding will be opened to all bidders, which will include investors. Home Run Real Estate is a registered and approved by HUD to place bids.
Before looking at any of these types of properties you should have already been pre-approved by a lender. Be sure your lender knows that you will be looking at these properties and ask if they have experience with them. One lender that we use is Premier Mortgage Capital because they know how to deal with these types of sales.
We will be happy to teach you all about buying foreclosed and HUD properties. Whether you are buying an investment or primary residence we will find the property that is right for you. And remember: |
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