Interested in Foreclosures?
I offer a Foreclosure Search on my website, but limited information is available. If you are interested in foreclosures, please contact me. I have a list of 6 recent foreclosures in the Highland Lakes Area I sent to several clients today. We expect to continue seeing foreclosure listings throughout 2010.
Be aware that foreclosures are sold "as is". The bank owners are usually unwilling to negotiate any repairs or special terms. The only real negotiating is over the price. And, you as a buyer, become responsible for any possible issues with the property.
Seller's Disclosures do not exist for foreclosures. Information about the property is usually limited, so you need an agent that knows the area who can help you gather more info.
Some banks will allow an inspection period, but option periods are not allowed. Once you make an offer that is accepted by the bank, you are legally locked into buying the property in most cases. In some cases, you need to consider conducting a home inspection prior to making an offer. The risk of loosing a few hundred dollars is worth it most of the time.
Banks prefer cash buyers, but financing is possible. Any offer submitted must include proof of funds or proof of financing up front. Banks also prefer a fast close. The ability to pay cash and close quickly can make the difference in getting an approved deal if competition is steep.
I sold 6 foreclosures in 2009 and have worked with bank owners in assessing potential foreclosure properties. It is definitely in your best interest to have an experienced agent working on your behalf for these deals.
Foreclosures potentially offer great deals and investments, but "buyer beware" applies heavily to these transactions.
Please call or email if I can assist you, jeff.spears@century21.com, 325-248-4369.