Can anyone help me compile a few paragraphs pertaining to the foreclosure process for potential buyers? I'd like to add a short post to my BLOG regarding purchasing foreclosures, and I'd like to make it very "easy to understand" for the reader.
Can anyone point me in the right direction to find easy-to-understand info?
John Robinson, REALTOR
Dunes Marketing Group
Hilton Head Island, South Carolina
www.HiltonHeadExpert.com
www.HiltonHeadExpert.blogspot.com
JRgoskins5@aol.com
(cell) 843-422-3767
FORECLOSURES,Always have your finances done first! Banks will allow some concessions for closing costs but don't count on it it's only a bonus. There are no contingencies allowed in bank owned property all they want to know is how fast you can close. Ask for any addendums that the bank will need to speed up the process. Also have inspections done before summiting offers.I hope this is helpful.Thanks MP
www.ForeclosureRecoveryTeam.com
I would say the number one thing is patience. Understand that it is going to take anywhere from 3 weeks to 60 days to get the Sellers lender(s) to decide that they're going to cooperate. The listing licensee, probably termed agent in your part of the world, does not want you to go away and is doing everything s/he can to get the lender(s) on board. S/He doesn't get paid if it doesn't.
The other thing is. Don't get carried away asking for, or threatening repairs. Look over the property very closely before making your offer and adjust the offer to reasonably take repairs into account. If the Seller had money for repairs, it probably wouldn't be a short sale to start with.
I am completing my epro module 4 and this is my final assignment. I have worked foreclosures for about a year with a team that has been working them for over 10 years. They are so complicated and so much work, it could be hard to give info in a small space. Our team wants to use my epro knowledge to get info in phases to our buyers based on where they are in the process.
Diane Stredde
Coldwell Banker Primus
diane.stredde@coldwellbanker.com
If you have buyers interested in buying foreclosures educating them in the process is very important. It all starts with submitting a clean offer to the listing agent which must include a preapproval letter if home is being financed or proof of funds if all cash. Remember the the bank does not see the purchase agreement up front, it's the listing agent that will be submitting the information to the bank via email. For the most part banks do cooperate with buyers closing costs and although for the most part they will tell you over and over that the property is being sold "as is" it doesn't hurt to ask for request for repairs once buyer obtains a home inspection. For best result on getting request for repairs approved make sure to submitt bids for any necessary repairs. Banks will usually cooperate with repairs if bids are submitted. Don't forget to tell your buyers that escrow will usually last a little longer than normal so it's important that they have patience.
I hope this helps.
Imelda Manzo
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