finderaboutforeclosure

Buying a foreclosed property is different than the average home resale purchase. If
you are considering buying a foreclosed property make sure that the agent you are
working with has experience in this field. It is not the same as a traditional resale.

Things to watch out for with a Foreclosed Property:

Inspections. The seller/lender will often know nothing about the property. A
good inspection is crucial.

Tax Liens. Don't assume all tax liens have been cleared on the property.

Time Lines. Banks don't always honor your loan time framework. Have a backup
place.

Price. The price is not automatically a bargain - check your comps.

Usually once a bank ha foreclosed on the property and it is listed for sale they are
ready, willing ,and able to sell it in a fairly timely manner. Just don't count on any time-
lines. You must remember that there is no emotion, no pressure on the bank to sell
the house by a certain date. The house is just a file on their desk. There is no
emotional attachment to the property.

Banks will negotiate the price and may or may not counter your offer if your offer is too
low. Once again you cannot count on response times so you must take that into
consideration when obtaining your loan to purchase the property.

Many properties that are in good condition and priced well, will receive multiple offers,
so when considering your offer price, be sure you factor in the condition and location
of the home. Banks are very well versed with the current "market price" of the home
and will list the home appropriately.