Lessons Learned from Years with Houses

Six Sure Ways to Land Excellent Deals on Foreclosed Properties Foreclosures are for the most part a sad affair. 9.7% of all mortgages were not being serviced according to the loan agreements at end of the 1st quarter of 2017. When banks can’t sell those homes at auction,they normally use the services of REO(bank owned properties)specialists who in turn engage the expertise of local realtors to sell them. Individuals who look and act on deals on foreclosed properties end up helping the distressed families who couldn’t pay as well as the lender who can’t find suitable bids at auctions. These homes are typically sold at a discounted price. Who knows,you might even make a tidy profit by selling such a property immediately after you close on the deal. The tips suggested here will help you as you look for good deals on REO properties. Get a realtor with a great reputation for dealing straight. If you don’t have your own trusted realtor,you can rely on good referrals in your social or professional networks or you may get a reliable one online on trustworthy websites. Get factual information from your broker on the home. Ensure your bid does not exceed the price the bank is asking for,in view of the mortgage balance,regardless of how others are bidding.
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Assess the value of the particular home you are interested in. Your valued real estate agent can do a CMA report for you at no cost. This way,you are able to compare the current market prices they suggest against prices for similar properties in the same neighborhood.
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Get from your real estate agent to give you the number of bids tendered in for the property. Submit a bid with a price lower than the list price if you find that the realtor has not received any other submissions. If there are many offers,offer a price that is slightly above the existing ones. If you are to be financed,and the other offers are on cash basis,simply submit a bid with an attractive price considering that lenders are likely to favor cash offers. Make a step to get preapproved for mortgage by the bank that owns the property. Offer to split escrow and transfer fees with the REO lender,offer to inspect the property in a very short time compared to what others are proposing and do not ask the bank to do repairs on the asset. The right information regarding shortsales and foreclosure properties will help you land great real estate deals,especially when you are working with a great realtor. Take time to find a great realtor either by referral or online searching and you will most likely have dependable information on worthwhile deals.