With all the TV shows about buying foreclosed property, a lot of people are receiving incorrect information about the process for buying foreclosed homes. Before you start scheduling appointments to view foreclosed properties, please review the information listed below to ensure you have accurate information about purchasing a foreclosed home.
Select a Real Estate Agent or Broker--First, select a real estate agent that specializes in foreclosures and is a CDPE--Certified Distressed Property Expert. I understand the entire foreclosure process, and I have the ability to ensure that your best interests are first. My expertise and understanding will provide you with an edge on the market, and I will be available each step of the process to answer any questions that you may have.
Lender Approval Letter--Sit down with the mortgage holder or bank, and obtain an approval letter for your loan. This will give you the ability to submit the approval letter with your sales offer on a property. A bank is more likely to approve a sale of a bank-owned property when they are aware your loan is already approved. This will reduce your time waiting at closing and help you to move into your home sooner.
Sold as Is--It is important to understand that the majority of foreclosed homes or bank-owned properties sell as is. As the buyer, you will be responsible for any repairs that the home will require and will need to take this into consideration when deciding on the amount to offer on a home. It is important to keep an open mind when looking at homes, and walk away from the home if the required repairs are more than you are able to handle or have resources for.
Price--Many people think a foreclosed home means you will have the ability to purchase the home for an amazing deal. This is not always the case in every home. As your real estate agent, I will perform the required comparisons to provide you with accurate information on the value of the home, so you can make your determination of what amount to offer on the home. The offer should be a fair price for the property or the bank will reject the offer to have the ability to accept a better offer from another person.
The decision to buy a foreclosed home is a big decision, and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or
(936)321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures, visit my website.
