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Six Sure Ways to Land Excellent Deals on Foreclosed Properties Foreclosures are for the most part a sad affair. In the first quarter of 2017, 5.5 million homes or 9.7% of all US properties acquired through loans were found to be seriously underwater. At times,lenders may not find ready buyers of foreclosed properties at auctions and may therefore engage REO specialists who usually work together with the local real estate agents to sell those homes. People who buy bank owned fo sale help both the lender and the defaulting home owner solve their problems. REO properties can typically be purchased at wonderful discounted prices if you know what you are doing. You may make a small fortune if you buy such a property and flip it in future. If you have decided that you want to buy a foreclosed or short sale property,the following tips will help you find the best deals available. 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.
6 Facts About Sales Everyone Thinks Are True
Make some efforts to know the market value of the property you intend to buy. Your trusted realtor should be able to prepare reliable comparative market analysis for you at no cost. That data that you get from your broker will help you make an offer that will ensure that you make a gain when you sell.
6 Facts About Sales Everyone Thinks Are True
Get from your real estate agent to give you the number of bids tendered in for the property. Offer an offer lower than the list price if the realtor has received no offers so far. Make sure your offer is above the highest offer by a certain amount. 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. Get 1 or 2 bank preapprovals for mortgage;preferably,one should be from the lender owning the property on sale. Offer a shorter property inspection period,be willing to split escrow or transfer fees with the REO company and do not bother them with property fixing up matters. 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.