News For This Month: Sales
6 Winning Ways to Get Great REO Deals Foreclosures are for the most part a sad affair. By the end of quarter 1 of 2017,5.5 homes were reported to be underwater,meaning the outstanding mortgages balances were more than the value of those homes. 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. Foreclosed properties are normally great deals as they are normally sold at a big discount. 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. Most likely,you have a trusted realtor you have worked with before,or you may find one in credible real estate websites. Get the historical facts that relate to the property. 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.
The Best Advice on Homes I’ve found
Find out the estimated value of the home you want to buy. Your trusted realtor should be able to prepare reliable comparative market analysis 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.
6 Facts About Sales Everyone Thinks Are True
Ask you realtor to tell you about the number of offers they have received for the REO property so far. 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 and tricks on buying foreclosed or short sale properties will save you both valuable time and money. Take time to find a great realtor either by referral or online searching and you will most likely have dependable information on worthwhile deals.