Frankly Speaking Blog

Tips on Buying Foreclosure Homes

January 25th, 2011 10:35 AM by Frank Ferrell

 

Here are a few tips to help you save money when purchasing a foreclosure property.

1. What to Look For
Be selective in your decision. Some foreclosed homes can cost much more in repairs and remodeling than you’ll ever make in profit, so be sure to find a home that only has minor problems--things that can be inexpensively and quickly repaired.

2. Bank-owned properties typically move quicker than short sales.
Although short sales are often good bargains, they tend to take much longer to close. Some short sale banks will respond in a timely manner, but most will prioritize their repossessed properties first.

3. Offer below the asking price.
Don't assume that banks are set on their price.  Asset managers responsible for liquidating bank-owned properties are often willing to consider a lower offer.

4. Let the bank pay your closing costs.
Often times banks can be quite accommodating depending on their bottom line in the deal.  It never hurts to ask. 

5. Have your pre-approval from the right bank. 
If submitting an offer on a short sale, it's a good strategy to get pre-approved by the same bank involved in the transaction. This may work in your favor during negotiations.

6. Work with a REALTOR who has access to foreclosures. 
My Foreclosure Finder Service gives you access to inside information normally available only to real estate agents and industry insiders. In less than 10 minutes I can generate a list of available foreclosure listings for you. Let me know if I can help.

Happy home searching!

 

Posted in:General
Posted by Frank Ferrell on January 25th, 2011 10:35 AM

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