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* note: On a short sale you will need to be willing to pay no less than 5 to 10% below list price or the bank will not take it in most cases. You also have to be prepared to wait several months for an answer on any offer.
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Tips on buying short sales:
Foreclosures are also known as Repos, Repossessed Property, REO property, and Bank Owned Property.
Most people are miss informed about how Foreclosures are priced. The most frequent misconception is that Foreclosed homes are priced based on the amount the previous mortgagor owes on the property at the time of Foreclosure, this information is not correct.
All foreclosed properties are priced based on a number of items which include but are not limited to, current market conditions, condition of the property, cost of repairs to bring property back to move in condition, and if it is cost effective to do any and all repairs to the property prior to putting the property on the market, these are just a few items used to determine the price. With these things in mind not every foreclosed property is a steal. Yet, for someone that is looking to purchase a home for there primary residence, it could be cheaper in the long run.
All foreclosed properties are sold as-is, where is, and with no warranties or guarantees.
When purchasing a Foreclosed property there is no knowledge of defects, or things the previous owners may have done to the property, other than what my be physically visible. This is the risk you run when purchasing these types of property. Although there is no knowledge of any defects affecting these properties you are still able to have a home inspection at your expense. Having a home inspection can eliminate questions of any major problems that one may face when purchasing any home, foreclosed or not.
If you have any questions regarding Foreclosed properties, please feel free to contact me at anytime with any questions. I would be more than happy to share any information I can, with you to help you better understand what to expect when considering purchasing a foreclosed property.
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Copyright © 1999 [Butch Metcalf]. All rights reserved. Revised: August 25, 2012 .
7328 Thomas Dr. Suite M, PCB, Fl. 32408 (850) 230-5060 office
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Click any photo aboveto see a full website for that property. Not all properties are foreclosures.
Email Butch Metcalf email@example.com (850) 319-6324 direct
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