Buying Foreclosures

By
Real Estate Broker/Owner with Elevations Real Estate, LLC

Buying foreclosures

 

Every bank or asset management company (the company the bank hires to sell their foreclosures) has their own set of rules.  The first thing you should do is hire a good Realtor that understands this market and can get you in the property as soon as they are listed for sale.  Have your Realtor find out what the Bank's "rules" are and get a copy of their addenda to see exactly what you are getting into-and READ IT.  Get your Realtor to talk to the Listing Broker about how this foreclosure transaction is going to work and if there is anything they look for in a contract (ie: preferred closing dates, cash vs. loans, escalation clauses, etc.)  You should already have your financing in line and as complete as possible because many bank addenda have the buyer waive financing contingencies.  Most transactions will take longer than what most buyers are accustomed to so be prepared to be patient.  Often there is a waiting period to hear from the bank, however once you hear be prepared to move very quickly to complete your inspections, get your loan together and close when they ask you to.  There are often additional costs incurred in purchasing a foreclosure, however there are very good deals to be had out there.  I am a listing broker for foreclosures; check my website www.ScottJLee.com for new listings and other helpful information.

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Rainmaker
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Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Good information.  It seems like most of them will allow you to keep a financing contingency as long as you either get approved through their lender also or you provide lots of detailed info on the financing.  I agree though banks are often way too slow in responding.

Jul 15, 2008 04:01 PM #1
Rainer
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Connie Rice
Keller Williams Greenville Central - Simpsonville, SC
Connie Rice & Partners - Greenville, SC Real Estate Team

Welcome!! Youve joined a great place to meet new people and get some good tips and advice. Seems like your already off to a great start. Be sure to call on me if I can ever help and welcome again! Enjoy

Jul 15, 2008 08:17 PM #2
Rainer
141,468
Lorena Westervelt
Van West Realty - Greenville, SC
Co-Founder/Co-Owner

Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

Jul 16, 2008 12:57 AM #3
Rainmaker
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Rick Sergison
Keller Williams Real Estate Associates in the Toronto Area - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post. 

I hope you will look into the many groups as there are some great group both local and broad based,.... 

enjoy!

Jul 16, 2008 04:54 PM #4
Rainmaker
101,235
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.

Hi Scott  -    Welcome to ActiveRain.  I look forward to networking with you and reading your future post.  Have a great day!!!

Dec 07, 2008 01:01 AM #5
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Rainer
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Scott J. Lee

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