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So You Want to Buy a Foreclosure
I get numerous individuals telling me they want to find "that deal". Many think foreclosures are the way to go to get "that deal". So let me tell you a little about foreclosures.
First of all, the banks, or owners call the shots. That means their contracts, addendums, policies take precedence over any contract locally. Often times, it means a 10 day inspection period and sometimes it means other than inspections and financing there are no other possible contingencies for the buyer to even consider in getting their deposit funds back.
The banks (owners) have their real estate agents put the property on the market at "market" value. This can mean that even if there is considerable work to be done on the house as far as cosmetics, for example, flooring, paint, appliances that the price may or may not reflect this. Just like any seller wants to get as much for their property as they can, so do the banks.
Some potential differences though are that some of the banks (not Fannie Mae, HUD) but actual banks depending on how many properties they are holding and how many they have on the books to close at the end of the month, will be a little more flexible in negotiating. What I am saying here is that if they have a quota they need to get closed and haven't reached it, they may lower their price to an acceptable amount for the buyer, that's a maybe.
There are a few more hoops to jump through with foreclosures and fine print, so if you really are wanting to purchase in the foreclosure realm be mindful to be patient and flexible.
Interested in learning more about real estate and foreclosures, I'm available to help.
Specializing with Baby Boomers and Beyond, Angie Goodman and The Goodman Group can help this mature market with answers to their housing questions and more. If you know a senior who wants more information about Tallahassee's housing and real estate, give Angie a call at 850-321-4666.
Angie Goodman, Broker Associate, CHMS, CRS, GRI, SRES 850-321-4666
The Goodman Group Real Estate Team @ Keller Williams Realty www.agoodmove.us
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