Foreclosures Go To Prepared Buyers by DONALD PAYNE, CRS,CDPE

By
Real Estate Broker/Owner with Vision Realty
http://actvra.in/FRx

                                            www.visionrealty.com        

 

If you are organized and willing to put in some serious spadework, buying a  foreclosure can save you thousands of dollars.  A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in July. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

 

If you have never looked into what is involved in snagging one of the foreclosures in  a few basics will greatly improve your chances for success:homeseekcolumbus.com

 

 

Do Your Research So You Can Act Quickly.

 

The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of market trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

 

www.visionrealty.com

 

Weigh in With Cash.

Time is an important factor in buying a  foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, "A cash buyer who can close in 10 days can certainly get the best deal."  Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

                                              homeseekcolumbus.com

 

 Create Clean Offers.

 

If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down -- can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself. 

 

As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines.  If you are considering buying a foreclosure and are looking for an experienced agent to stand by your side, call me -- and let’s get to work!

 

                                                    homeseekcolumbus.com

Posted by

columbus, lewis center and gahanna real estate

Columbus Ohio real estate - Vision RealtyAs a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.

 

Donald Payne - Vision Realty, Inc.
4608 North High Street

Columbus, OH 43214

Toll-free: (866) 510-2223

Cell: (614) 323-4348
DonaldPayne@VisionRealty.com
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Re-Blogged 1 time:

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  1. Joe Jackson 08/10/2012 05:12 AM
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Rainer
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Barbara Tattersall
Keller Williams Realty Metropolitan (Keene,NH) - Keene, NH
GRI

This makes real sense. So many young first time buyers think foreclosures and short sales will be handed to them because the seller is desperate.  They offer low on an already discounted property, they want everything repaired and they want closing costs! I had a buyer ask that the bank pay for all his closing costs, inspections and first year insurance. 

Aug 04, 2012 03:10 AM #1
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I will bookmark this post and share it with others. Thanks for the tips.

Aug 04, 2012 04:06 AM #2
Rainmaker
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Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

4:06am • #2

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661,131 Points5 Featured PostsHit RouterCalled Shot Master

You hit the nail on the head in this post!

Aug 10, 2012 05:09 AM #6
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