Brandy New To Foreclosures - Need All Your Expert Help!
I have read through many TCI threads, some say to not use a realtor some say they would not do a foreclosure without one. I am particularly looking into REO's. Can anyone tell me how the purchase of a foreclosure works?
I appreciate all of your responses.
Thank you
Read this:http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=416
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If you're considering buying REO's, you can start by finding a good RE agent to work with, as the majority of banks/lenders now list their properties thru the MLS.
A few other quick pointers:
You can be creative with your financing, but not with your offers. Banks want simple, straight forward offers. The less contingency clauses in your offer, the better the chances of it being accepted.
CASH will always be king in your offers. IF you can make cash offers, you will get more offers accepted. Next up is pre-approved funds/financing.
Cash, BTW, simply means no financing contingencies. If you already have a loan ready to go, an equity line to draw from, or a cash partner, doesn't matter. At the closing table, everything is cash to the seller.
The quicker you can close the better. A cash offer and a 2 week closing will make just about any REO dealer consider the offer.
Don't be concerned with asking price. Run your own numbers and make your offer based on them. If your offer is solid, most will still consider it, whether it is $10 below their asking or $10K.
Roger
No offense, WheelerDealer, but that article has nothing to do with buying bank owned properties.
Roger
Thank you Roger...
If I use a realtor, is their commission paid from the bank? or is it customary to pay them something as well? Also, I know this is going to sound silly....but I assume that even if you do use a realtor, it is possible to get inside the property to access before making an offer to the bank?