7 Key Steps To an Amazing Foreclosure Home Purchase• You can Save Big $$ buying a foreclosure• Take those ideas to any Realtors• If you can’t do this, you’ll waste months and months of time and money.
Foreclosures Are Your Opportunity To $avings• You have be aware of the pitfalls• Being Hasty can cost you Tons of $$• Good deals go fast, so be ready to act if you like the home.• You can save 20-30% of current market value if you are prepared!
Key Step #1Look for Overpriced HomesCrazy? Yes but it works• Banks or Seller overprices home• On the market for months• You make an offer, bank takes it fast• Example: 1.1 Million House sells for $360K only offer on home
Key Step #2 Can You Make Repairs?• You buy a home for $150K (Value is $200K, invest $10K in repairs.. Savings of $40K• Will take some work on your part, though how long does it take you to save $20,000?• Example: Buy a home that would cost $900K to build for $300K
Key Step #3 Do Buyers Want The Neighborhood?• Good Neighborhood = long term appreciation• Does it have good school zones? Close Shopping?• Lots of Foreclosures• Builders still building?Example: One area of town EVERYBODY wants.Though it has LOW appreciation because more peopleretire to this area of town.
Key Step #4 Financing• Be Pre-approved for your loan• Or Pay Cash• Bank Homes require CASH or a VERY firm pre-approval• Banks will sell a home for less money IF they know the buyer is A+, they care about getting money quick instead of MORE $$
Key Step #5 Make an offer at the end of the monthThe banks have deadlines• Goals to sell certain amount of homes each month• Get paid bonuses based on how many they sell• November and December is one of the best months to buy ANY type of home… Bank or Non-Bank
Key Step #6 Read Between The LinesBank Agents are overworked• They don’t put FULL details on the listing information• Less pictures, less info• Drive by the outside and check it out yourself• See if it’s a “Diamond in the Rough”
Key Step #7Stop Getting Shoved Around by the BankAlso Consider Normal Homes in your search• Most sellers understand they have to compete with Bank Owned Homes• NON-Bank owned sellers will consider offers also• Make sure your agent brings in a good Market Analysis to prove your offer
Why are we providing this information at No Cost? . We want to make sure you get a GOOD deal no matter who you work with as your Realtor. I thought to myself… “IF I get this information into the marketplace, everybody wins!”Though don’t forget, selling homes is our passion and how we pay ourbills. So if you would like help in buying a foreclosure give us a call.
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