How to Buy Foreclosures

STEPS FOR BUYING FORECLOSURES

• Step 1: Get Pre-Qualified
• Step 2: Hire an Experienced Buyer's Agent
• Step 3: Get Ready to Make a Quick Decision
• Step 4: Be Prepared to Buy a Home "As Is"
• Step 5: Be Patient!
• Step 6: Be Prepared to Close on Time

Step One: Get pre-qualified. The bank does not want to sit on it's inventory. Lenders only entertain offers that are backed by a pre-qualification letter and are not contingent upon the sale of another home.

 

Step Two: Hire a buyer's agent who is experienced working with REOs (foreclosures). Most lenders have special addenda and forms. Make sure you are working with a real estate agent that has experience working with these forms and understands the lender's negotiating and sales process. Mistakes made in the process can be costly for the buyer.

 

Step Three: Get ready to make a quick decision. Foreclosures are likely to be priced lower than other homes on the market and great deals don't stay on the market long. Make sure your agent explains to you what penalties will occur if you back out after an offer has been accepted.

 

Step Four: Be prepared to buy the home "as is." Make your offer subject to a home inspection. Make sure that you understand what penalties you may be subject to if you cancel the deal.

 

Step Five: Be patient! Expect the bank to take a few days to respond to your offer. Depending on the offer, more than one level of approval may be needed before a response can be made and this can take time.

 

Step Six: Be prepared to close on-time. If you cannot close by the pre-determined closing date, the bank may charge you a penalty for each day you go past that date, even if it's for reasons outside of your control. Don't procrastinate on getting documents to your lender when requested as this often is the reason closings get delayed.

 

 

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Why Specialized Realty for buying Foreclosures?

• Our firm specializes in Texas foreclosure properties.
• Our agents are foreclosure experts.
• Our foreclosure focus experience helps us to keep you from potential penalties.
• Our foreclosure expertise ensures a smooth process for our buyers.
• Our experience in working with foreclosures helps you avoid any unforeseen penalties.
• We can make you aware of foreclosures before they go on the market.
• SRG buyer's agents represent the buyer, not the seller.
• We offer a market analysis to assist with negotiations.
• We have connections with lenders and mortgage who know foreclosures best.
• We work with foreclosures on a daily basis, so we know when a "hot deal" comes up.
• We offer foreclosures throughout North Texas.
• We have connections with lender and mortgage providers with hands-on experience working with foreclosures.

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