Buyers Beware When Considering Buying Foreclosures
Buyers Beware When Considering Buying Foreclosures!
All first time home buyers should be very cautious when considering buying a Bank Foreclosed Property(REO). Many people get excited that they want to hit the jackpot by buying a Foreclosed home. Needless to say there are some truly great opportunities out there.
At the same time common sense should prevail. Do the research about the neighborhood, schools and market prices. Do inspect the home; banks are not required to let you know about defects. Have your financing ready.
Be prepared that the banks have priced the home generally a great deal under market value; hence it will not be a buyer’s market when it comes to the property. Be prepared to be in a multiple offer situation. Banks do not negotiate with Counter Offers. Submit your best and final offer in the beginning, then just hope for the best that you will get the property.
If there are few foreclosed properties in the neighborhood do not think you will get the property for pennies on the dollar, be happy that you may get it for less then market value.
The goal should be that you like the home and you want to live there not to hit the Jackpot. Do not buy impulsively, after all this will still be one of your largest dollar value purchases in your lifetime.
Contact a Realtor, someone who is seasoned and can walk you through the challenges of the purchase. Keep in mind with these tips you will come out as a winner.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at email@example.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.